Ever since Donald Trump returned to the White House we have seen a very different approach to crypto compared to the former Biden administration. The Biden government were far more anti-crypto, with the then SEC chief Gary Gensler initiating a number of long term investigations into exchanges like Binance and Coinbase, as well introducing overreaching regulations.
However, under the new acting SEC chief Gary Uyeda we are seeing some positive developments. A week ago the SEC announced it was pausing its investigation into Binance and then a few days later declared it was dropping its investigation altogether into Coinbase. Great news for Coinbase not just because the investigation is over but for the fact they do not owe a single penny to anyone as a result of the SEC probe.
Today even more good news has emerged as the SEC announces it's dropping its investigation into Robinhood Crypto with no further enforcement action expected and no penalties owed. Not only that it went even further by stating that the investigation should never have been launched to start with.
All of these moves combined really does start to make me think we are seeing that this new Trump led administration was being genuine when they spoke so positively about crypto during the presidential election campaign. So far they are coming good on their word, at least to a certain extent.
Either way this new government's approach to the whole crypto economy is proving very different from the former US government's policy on crypto. And it is still very early days for the new US government. I must say I have been encouraged from what I have seen from Trump and the SEC so far. Let's hope the friendly crypto approach sustains.
Peace!