Legislation

On December 4, President-elect Trump announced that his pick for the next Securities and Exchange Commission (SEC) chair would be Paul Atkins. There seems to be a positive response to the news, as Bitcoin quickly traded over $100,000.

As Malecki Law has previously blogged, the current chair, Gary Gensler, has often been perceived a crypto skeptic. Although crypto fans were seemingly hopeful that Hester Peirce would be appointed, a current commissioner who is also known as “Crypto Mom,” the community does not seem disappointed in the direction of the SEC at all. Malecki Law gets sometimes multiple calls a day from people scammed around crypto based investments. This is likely due to the lack of regulation. If your advisor recommended that you purchase crypto securities against your best interests, and you suffered losses, you may have a claim. You should reach out to a Crypto-Securities law firm in New York, like Malecki Law, to review your situation. If someone in a foreign jurisdiction has your money, you may be out of luck.

Future SEC Chair Atkins’ Background

Malecki Law’s founder, Jenice Malecki, was recently quoted in a Crypto Times article about crypto regulation as it relates to the impending presidential election.

Ms. Malecki shared her thoughts that no matter who is to be elected as President, that there is one obvious takeaway –“the crypto industry needs regulation.” Ms. Malecki further explained that the current non-regulation hurts investors, like yourself, which also gives room for bad actors to flourish. Did your advisor recommend that you purchase crypto based securities? It may not have been in your best interest based on your investor profile. A Crypto-Securities law firm in New York, like Malecki Law, can help you analyze and conclude whether Regulation Best Interest was violated.

Ms. Malecki and Malecki Law have experience in cases involving crypto based securities, and have seen that there is more work to be done. At least, if the product is clearly a security under the Howey test, the SEC will regulate it. However, if the crypto product is not clearly a security, there is more gray area as to which regulator (SEC or CFTC) has jurisdiction and why. This naturally leaves a gap in regulation, allowing misconduct to not just occur but to succeed without monitoring.

Articles Posted in Legislation

Are We Facing a Pro Crypto-Securities Future in the U.S.? – Announcement of the New SEC Chair and the Future of Bill FIT21

What is the Potential Impact of the Presidential Election on the Uncertainty of Crypto Regulation?