The US Securities and Stock Exchange Committee (SEC) is said to reduce the size of a special unit of more than 50 lawyers charged with providing encryption procedures.
Quoted five people familiar with this issue, the New York Times Reports A prominent lawyer in the unit was withdrawn from the enforcement department, and some of them were appointed in other departments within the agency.
The encryption enforcement unit was created during the first Trump administration, but it increased its size in 2022 under the leadership of former SEC president Gary Ginsler, who started a campaign in the American encryption industry.
A recent outcome reveals that the unit raised more than 100 procedures linked to encryption during the Biden administration.
It was not yet clear whether the stopping would affect suspended enforcement procedures, which include a condition that includes Coinbase. The exchange of encryption is accused of violating federal securities laws by operating an unregistered platform.
The report says that some people believe that reorganization constitutes an unfair reduction. Korean Fryer, who held the position of Senior Advisers to Ginsler in encryption cases, criticizes the most friendly SEC position on digital assets.
“What the new SEC leadership suggests doing for encryption is to remove the limits of speed and handrails that have made our capital markets stronger in the world.”
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