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Breaking News: BREAKING: President Trump Signs ‘GENIUS Act' Making Crypto History
crypto

SEC Crypto Sheriff Steps Down – Regulation In Limbo?

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Officially leaving his position is David Hirsch, the well-known head of the Network and Cryptocurrency Division of US Securities and Exchange Commission (SEC). With major court battles continuing and the political environment ready to impact future regulatory approaches, Hirsch’s resignation marks a turning point for the cryptocurrency sector and may cause major changes to the US legal system.

Related Reading: Crypto Wealth Dreams Alive? Analyst Claims Millionaires Can Be Made

A Legacy Of Rigorous Enforcement

Hirsch was a key player in the oversight of digital assets during his nearly ten years at the SEC. Hirsch, who is well-known for taking a strong stand on enforcement, was instrumental in the SEC’s vigorous campaign against a number of well-known cryptocurrency businesses.

Under his supervision, the SEC established an example for strict control by prosecuting big players in the market including Coinbase, Ripple, Kraken, and Binance.

Hirsch’s approach was characterised by a commitment to teamwork, as shown by his farewell post on LinkedIn where he referred to securities enforcement as a “team sport.”

Speculation And Denials

Following Hirsch’s exit, the rumors have been running rampant. There were rumors that he might become the new Head of Trading for the meme coin project Pump.Fun.

Bitcoin is currently trading at $65,117. Chart: TradingView

Hirsch has subsequently refuted the rumors that suggested he was going to spearhead the project’s audacious plan to introduce thousands of additional currencies. Despite Hirsch’s declaration that he intends to take time off and travel with his family, these rumors reflect the excitement and mystery surrounding his next career choice.

We are excited to announce our new Head of Trading, David Hirsch!

After months of conversations with @a1lon9, David came to the realization that his work as a regulator was no longer fulfilling. He had to start a new chapter.

And what’s better than doing the very thing you… pic.twitter.com/qJrHjNdHpD

— pump.fun (@pumpdotfun) June 17, 2024

The Future Of Crypto Regulation

The course of bitcoin legislation will be greatly affected by Hirsch’s replacement, hence who gets appointed will be the crucial issue.

The US presidential elections will add  another degree of uncertainty going forward. The positions of the competitors on cryptocurrency could drastically affect the way the SEC runs.

Under generally cautious regulatory posture, the administration of departing President Joe Biden has taken a contradictory stance; it has lately allowed spot Ethereum ETFs.

Conversely, former President Donald Trump, running in the next election, has positioned himself as a “crypto president” who promises to foster a more friendly environment for digital assets.

A Grayscale-commissioned poll indicates public interest in cryptocurrencies is growing; 53% of respondents said they would support a politician informed about digital assets.

This point of view suggests that control of cryptocurrency could be very important for the election, thereby influencing voting behaviour and the direction of next legislation.

Featured image from Getty Images, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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