SEC Crypto Working Group Meets with Trump-Supporting Companies to Discuss Crypto Regulatory Reforms
Powered by ChatGPTThe U.S. Securities and Exchange Commission (SEC) Cryptocurrency Special Working Group, led by Hester Peirce, continues to meet with representatives of digital asset companies to explore regulatory reforms. On April 24, the SEC Special Working Group disclosed a meeting with crypto company Ondo Finance and law firm Davis Polk and Wardwell to discuss the issuance and sale of packaged, tokenized U.S. publicly traded securities. Ondo Finance had donated 1 million USD to Trump's inauguration fund, and Davis Polk and Wardwell announced they would represent Trump's social media company Truth Social in launching crypto-related exchange-traded funds (ETFs). The meeting covered registration requirements, compliance for tokenized securities, and the potential initiation of a regulatory sandbox. On April 21, former commissioner Paul Atkins, appointed by Trump, took over leadership at the SEC but has not yet taken action on its crypto agenda. On April 25, the Special Working Group will hold a roundtable to discuss digital asset custody issues, with participants including Kraken, Anchorage Digital Bank, and WisdomTree. The SEC has stated it will continue to combat fraud but has ceased investigations or lawsuits against several crypto exchanges supporting Trump. Related reports indicate that Trump's crypto business has raised concerns over conflicts of interest and insider trading.