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The upcoming year brings new political leadership to the United States, with President-elect Donald Trump and freshmen members of Congress poised to take office. Many in the cryptocurrency industry are optimistic that these changes could pave the way for more favorable regulations and a clearer framework for digital assets.
For industry leaders, the regulatory landscape is particularly tied to the actions of the Securities and Exchange Commission (SEC). Under current Chair Gary Gensler and his predecessor Jay Clayton, the SEC has aggressively pursued enforcement actions against crypto firms, including high-profile cases against Ripple and Coinbase, alleging unregistered securities offerings.
Ripple’s Legal Perspective
Ripple’s Chief Legal Officer, Stuart Alderoty, expressed hope for regulatory progress in 2025. In a December 31 post on X (formerly Twitter), Alderoty reiterated the need for clear principles governing digital assets, emphasizing that “a token is never a security, although it can be the subject of a security transaction.” Ripple continues to appeal an August 2024 court ruling that held the firm liable for $125 million in penalties.
Coinbase and the Chevron Doctrine Shift
Paul Grewal, Coinbase’s Chief Legal Officer, highlighted the potential implications of the US Supreme Court’s 2024 decision to overturn the Chevron doctrine. This ruling removed the precedent of courts deferring to agency interpretations of laws, mandating judges to exercise independent judgment. The decision could influence ongoing and future SEC cases involving digital assets, possibly altering the agency’s enforcement strategy.
What’s Next for US Crypto Enforcement?
Several high-stakes legal battles involving the SEC, Commodity Futures Trading Commission (CFTC), and crypto firms are set to progress in 2025. Criminal cases against prominent figures like former Celsius CEO Alex Mashinsky and Terraform Labs co-founder Do Kwon, who was recently extradited from Montenegro, are also on the docket.
This follows a year of significant legal actions, including the sentencing of former FTX executives and a four-month prison term for former Binance CEO Changpeng Zhao.
Potential Leadership Changes
Changes in leadership at the SEC, CFTC, or the US Attorney’s Office for the Southern District of New York — where many crypto-related cases are litigated — could reshape the regulatory and enforcement landscape. President-elect Trump has proposed replacing SEC Chair Gary Gensler with former Commissioner Paul Atkins and appointing Jay Clayton, a former SEC Chair, as the US Attorney for the Southern District of New York.
As 2025 begins, the cryptocurrency industry is watching closely for signs of regulatory clarity and leadership decisions that could shape the future of digital asset regulation in the United States.
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