SEC Reassigns Top Crypto Litigator to the IT Department

The U.S. Securities and Exchange Commission (SEC) has reassigned its apical crypto litigator, Jorge Tenreiro, to a caller relation successful the agency’s Information Technology (IT) division.

According to WSJ report, Tenreiro was progressive successful galore high-profile cases that progressive bringing the crypto marketplace nether regulation. He oversaw respective cases against crypto exchanges. 

The suit suits were captious to defining the grade of authorization that the SEC has implicit the volatile market. His reassignment is conscionable 1 of the agency’s caller strategies to alteration its attack towards the crypto space.

Meanwhile, this attack besides involves the resignation of different attorney, Natasha Guinan. She was among the arguable accounting counsel that made it hard for banks to negociate crypto assets for their clients.

SEC is making the caller decisions owed to governmental pressure. Many salient governmental figures person started embracing crypto, adjacent President Donald Trump has gone arsenic acold arsenic launching his ain integer token.

Moreover, Trump signed an executive order past period calling for a caller regulatory model for crypto. All this is to antagonistic the toxic governmental situation near by the erstwhile SEC’s administration.

The bureau has besides made immoderate changes successful its leadership. For instance, Acting SEC Chairman Mark Uyeda has shown that helium would revoke the assertive enforcement attack taken by erstwhile SEC Chairman Gary Gensler.

Gensler focused his argumentation connected lawsuits to modulate the crypto environment, trying to bring much of it nether SEC jurisdiction. The caller direction, led by Uyeda, aims to make a much wide and improved regulatory pathway for crypto companies.

Jason Gottlieb, a defence lawyer for crypto firms, expressed his disagreement with the SEC’s litigation strategy nether Tenreiro. He believed that penning caller rules for the manufacture would person been a amended solution. Gottlieb described Tenreiro arsenic “a hellhole of a bully litigator and a bulldog, but an ethical bulldog.”

As the SEC repositions itself nether caller leadership, it is looking astatine imaginable ways to connection impermanent amnesty to crypto issuers who supply basal disclosures to investors. This could let crypto assets to commercialized freely connected exchanges without ongoing SEC scrutiny.

Also Read: Johnny Ng Urges Hong Kong to Speed Up Crypto Adoption