Donald Trump’s cryptocurrency policy priority will be to halt enforcement actions by the SEC and the Department of Justice’s pursuit of Tornado Cash. This was stated by Variant Fund’s CLO Jake Chervinsky.
The top crypto policy priority for Trump must be ending Biden’s attempt to destroy the industry via regulation by enforcement.
This means dropping the SEC’s unjustified enforcement actions and the DOJ’s Tornado Cash prosecution.
This must be the litmus test for new leadership.
— Jake Chervinsky (@jchervinsky) November 6, 2024
According to him, implementing these initiatives will be a “litmus test” of the head of state’s intentions towards the crypto industry.
The expert noted that Trump will assume the office of President of the United States on January 20, 2025. He warned that the outgoing administration might focus on refining rules and filing enforcement actions.
Chervinsky speculated that Gary Gensler’s position as head of the SEC might be taken by Commissioner Mark Uyeda, while the chances of his colleague Hester Peirce are not as high. The expert expressed confidence that Trump will be eager to “invite his newcomers.”
In September, Chervinsky called the rejection of a motion to dismiss the case against Tornado Cash co-founder Roman Storm an “assault on software developers’ freedom worldwide.”
On May 14, 2024, Tornado Cash developer Alexey Pertsev was found guilty of laundering $1.2 billion through Tornado Cash and was sentenced to 64 months in prison. In July, the court denied the accused bail while awaiting an appeal.
Storm and another co-founder of the mixer, Roman Semenov, also face charges of money laundering and sanctions violations in the U.S.
The former was released on bail and refused to plead guilty. Semenov remained free but came under sanctions.
Back in October, Uyeda described the Commission’s approach to digital assets as “a disaster for the entire industry.”