The U.S. Securities and Exchange Commission (SEC) has removed Jorge Tenreiro, a prominent legal expert known for leading lawsuits against major cryptocurrency exchanges, from his position and reassigned him to a position in the agency’s information technology office.
Tenreiro, who played a key role in shaping the SEC’s legal stance against crypto platforms, was transferred last week along with another top attorney involved in crafting controversial accounting policies that complicated banks’ ability to protect crypto assets. The SEC declined to comment on the reassignments.
The agency’s softening stance on cryptocurrencies comes after political changes in Washington. With President Donald Trump back in office and the SEC now under Republican control, the agency appears to be making peace with the crypto industry. A staunch supporter of digital assets, Trump recently launched his own token worth $3.5 billion and issued an executive order on Jan. 23 calling for a new regulatory framework for cryptocurrencies.
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Tenreiro’s tenure was not a political appointment, making his reappointment a notable departure from standard agency transitions. Tenreiro’s tenure began under former SEC Chairman Jay Clayton, a Trump appointee who thwarted the initial coin offering (ICO) boom, and continued under Gary Gensler, who stepped up the agency’s enforcement of crypto firms.
Under Gensler’s leadership, Tenreiro led the SEC’s special crypto enforcement unit and was promoted to head of civil litigation in December. His approach relied on litigation to assert the SEC’s jurisdiction over digital assets, arguing that many crypto tokens function as unregistered securities. While some cases have resulted in settlements, major cases, including a lawsuit against Coinbase Global, remain unresolved at the end of the Biden administration.
With the SEC’s leadership change, industry observers expect ongoing crypto lawsuits to be resolved or dismissed outright rather than continued legal battles. Crypto firms have long argued that current SEC regulations are impractical for digital assets given their decentralized nature.
*This is not investment advice.
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