Donald Trump’s potential victory in the upcoming November elections could potentially lead to the dismissal of several Securities and Exchange Commission (SEC) crypto lawsuits, according to crypto lawyer James Murphy. In a recent post, Murphy stated that he would not settle any crypto case with the current SEC until the election results are known. He believes that a Trump presidency would bring about a significant change in the SEC’s approach to crypto.
Trump has been actively positioning himself as a supporter of the crypto industry in recent months. He has expressed his openness towards crypto and stated that the United States should lead in this field. He even made a promise to commute the life sentence of Silk Road founder Ross Ulbricht if he is elected. Murphy suggests that under a Trump administration, there may be voluntary dismissals of crypto cases initiated by the current SEC Chair, Gary Gensler, in situations where there is no fraud or victims involved.
However, not everyone is convinced of Trump’s sincerity. Adam Cochran, a partner at Cinneamhain Ventures, argues that Trump has a long history of going back on his promises and prioritizing his own interests over others. Alexander Blume, a partner at Two Prime hedge fund, also points out that Trump has a track record of making promises to gain support but not following through on them. In fact, fact-checking site PolitiFact has found that Trump broke more than half of the promises he made during his 2016 presidential campaign.
Trump has also made negative remarks about crypto in the past. As president, he tweeted that he was not a fan of Bitcoin and other cryptocurrencies, calling them “based on thin air.” In 2021, he even went as far as saying that crypto “may be fake” and a disaster waiting to happen.
Despite Trump’s past remarks and questionable track record, some members of the crypto industry are willing to support him if it means they can continue their work without excessive regulations. Mike Dudas, the founder of crypto outlet The Block turned venture capitalist, stated that while he dislikes Trump on many levels, he believes that Trump’s promises would allow him and others in the industry to pursue their livelihoods and provide for their families.
It remains to be seen how the elections will unfold and what impact they will have on the crypto industry. As of now, Trump holds a one percentage point lead over President Joe Biden in the polling for the 2024 presidential election. The US will head to the polls on November 5th.