Trump Victory May Impact SEC Crypto Lawsuits

One crypto lawyer thinks a Donald Trump victory may impact SEC crypto lawsuits, but for others, he hasn’t always fulfilled his campaign promises.

A cryptocurrency attorney believes that if Donald Trump wins the November election, several Securities and Exchange Commission cryptocurrency lawsuits may be dropped; however, other attorneys point out that he has a track record of breaking pledges.

In an X post from May 26, cryptocurrency attorney James Murphy, known as “MetaLawMan,” stated, “I wouldn’t settle any crypto case with the current SEC before seeing how the election turns out.”

Given Trump’s recent statements on cryptocurrencies, Murphy anticipates “a very different SEC.”

Over the last month, Trump has positioned himself as the leading candidate for the cryptocurrency business. He has stated that he is “fine with” cryptocurrency, that America “must be the leader in the field,” and that, should he win, he will reduce the life sentence of Silk Road founder Ross Ulbricht.

“I could envision voluntary dismissals of cryptocurrency cases where there was no fraud and no victims that the [SEC Chair] Gary Gensler regime initiated,” Murphy continued.

Cinneamhain Ventures partner Adam Cochran asserted that Trump “has a decades-long history of back peddling” and “selling out others for his interests” in a contrarian X post.

He continued, “Just like Biden, Trump was anti-crypto in the past and is pandering to win votes.”

Trump “has a track record of making promises to desperate people/groups for his ends and then not honoring those promises,” according to Alexander Blume, a partner at Prime Hedge Fund.

PolitiFact, a fact-checking website, conducted an analysis that indicates that of the 102 promises made by Trump throughout his 2016 presidential campaign, 23 were compromised, and 24 were maintained.

Trump has also made anti-crypto statements in the past.

Trump stated on Twitter that he was “not a fan of Bitcoin and other cryptocurrencies” as they are “based on thin air” while he was president. He further asserted in 2021 that cryptocurrencies “may be fake” and are “a disaster waiting to happen.”

However, cryptocurrency attorney Gabriel Shapiro stated on X that “the four-year witch hunt the Biden admin has waged on crypto” cannot be equated to “Trump saying some mean words about crypto on Twitter.”

Some U.S. sector executives will not be persuaded by Trump’s previous remarks on cryptocurrencies and his electoral pledges.

Cryptocurrency store Although he disapproves of Trump “on like 1,000 different levels,” The Block creator turned venture capitalist Mike Dudas claimed that his pledges imply “he’s going to allow me to pursue my livelihood and provide for my family, investors, founders, and their employees.”

According to Morning Consult’s polling of the 2024 presidential election, Trump led President Joe Biden by one percentage point.

Election day in the United States is November 5.