The SEC will transfer lawyers responsible for Ripple and Coinbase litigation. Is the era of crypto-friendliness in the United States really here?

The U.S. Securities and Exchange Commission (SEC) recently transferred Jorge Tenreiro, the core lawyer responsible for major cryptocurrency litigation cases such as Ripple and Coinbase, to the Information Systems Management Department. With the Trump administration taking office and the adjustment of supervisory personnel, the SEC has released a number of friendly policies, and the market generally interprets that the United States has begun to soften its regulatory attitude towards the cryptocurrency industry.
(Preliminary summary: Crypto mom Hester Peirce lists the "Top Ten Priorities" of the SEC Cryptocurrency Working Group, revealing the new regulatory landscape in the United States)
(Background supplement: Gary Gensler returned to teach at MIT after leaving the SEC, Gemini Exchange choked: no longer hiring MIT graduates)

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The U.S. Securities and Exchange Commission (SEC) will be responsible for Ripple and Coinbase in the near future Jorge Tenreiro, a core lawyer in major cryptocurrency litigation cases, has been transferred to the information systems management department. Tenreiro has served at the SEC for more than 11 years, initially as an enforcement attorney and as deputy director of the Cryptoassets and Cyber Division from October 2022 until November 2024.

Crypto Mom lists the "Top Ten Priorities" of the SEC Cryptocurrency Working Group

The SEC Cryptocurrency Task Force, led by "Crypto Mom" Hester Peirce, also issued a statement on Tuesday, listing 10 priorities for the new encryption working group. Includes:Addressing the issue of whether cryptocurrencies are securities or commodities,Determining which areas are beyond the SEC’s jurisdiction,Temporary prospective and retroactive relief for token issuances...Aiming to provide clearer regulatory guidance for the crypto industry.

SEC proposes relief measures for ICO tokens, releasing policy benefits

In addition to personnel changes, the SEC has also recently proposed relief measures for past initial coin offerings (ICOs). According to Cointelegraph, the policy proposed by Hester Peirce could potentially benefit companies that issued tokens during the ICO boom of 2017-2018.

Legal consultant Franco Jofré said:

Token projects that have clear practicality rather than purely speculative nature are more likely to obtain relief.

For example, decentralized finance (DeFi) projects, second-layer scaling solutions, and other infrastructure that use tokens for governance or security purposes are all potential beneficiaries.

However, Jofré also pointed out that it is unlikely that the SEC will drop all lawsuits against crypto companies. If the project involves fraud or misleads investors during the ICO process, it will be difficult to obtain exemptions even under the new policy. The SEC may choose to provide relief only in specific future cases and not to dismiss existing litigation in its entirety.

The new regulatory model is welcomed by the industry, but adjustment still takes time

Bill Hughes, a lawyer for Consensys, an encryption company whose main product is the Metamask Little Fox Wallet, believes:

The SEC’s regulatory model under new leadership has brought a "new atmosphere" to the encryption industry, but it will still take time to implement the policy. He called on the industry to be patient and wait for the policy to become concrete, but at the same time emphasized that "it is impossible to wait indefinitely" and that significant progress is expected to be seen by this summer at the latest.

Hughes also appreciated the SEC's approach of inviting crypto companies to participate in the regulatory process, which has been a long-standing demand of the industry and helps establish a more transparent and fair regulatory environment.