SEC Urged to Overhaul Crypto Regulation in Trump Era for Unprecedented Clarity
Key Takeaways:
- Crypto advocacy group urges SEC to review all crypto-related cases with a new perspective under Trumps administration.
- Proposal suggests a shift toward clear, cooperative regulation in the digital asset market.
- New FASB guidance requires digital assets to be valued at fair market value, enhancing company transparency.
A leading crypto advocacy group has requested the U.S. SEC to revisit all existing crypto-related investigations, Wells notices, and lawsuits once President-elect Donald Trump takes office.
As the crypto industry anticipates a more supportive regulatory environment, this call for change emphasizes the opportunity for a fresh start under the incoming administration.
The group noted that Trumps nominee for SEC Chair, Paul Atkins, in coordination with other commissioners such as Hester Peirce and Mark Uyeda, would more likely push the agency in the way of closer cooperation with the digital asset sector.
With a history of opposing the SECs anti-crypto stance, these figures are seen as pivotal in reassessing the SECs practices. The goal is to foster a relationship of trust where market participants feel confident in the SECs intentions and regulations are more transparent and understandable.
New Path to Clearer Crypto Asset Regulations
It argues for more process and order in improving the regulatory landscape incrementally. In that direction, the Token Alliance Leadership Committee has already had an engagement with SEC staff to proactively lead an advocate position for a road mapping in this regard that is required by early 2025.
This includes a timeline from Day 1 to Day 90 of the new administration, focusing on key policy priorities that could help rebuild the relationship between the SEC and the global digital asset community.
It further advocates for the need to end regulation by enforcement and withdraw outdated, no longer valid informal guidance with a view to dispelling confusion among digital-asset participants. By focusing on clear, sensible regulations, the group believes the SEC can create a more level playing field for innovation while assuring compliance.
FASBs Digital Asset Valuation Update
In a relese dated December 17, the FASB issued new guidance that details how digital assets should be treated from an accounting perspective. Effective for fiscal years beginning after December 15, 2024, companies would need to report digital assets at FMV, versus the previous method of carrying those assets at the lowest historic price.
This new rule applies mainly to assets such as Bitcoin and Ethereum and is aimed at increasing investors transparency. The shift is expected to have wide ramifications for companies holding digital assets, particularly in financial reporting, taxation, and internal controls.
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Read more: https://www.tronweekly.com/sec-urged-crypto-regulation-in-trump-era/
Text source: TronWeekly
