The early days of the Trump administration saw a flurry of activity that could give the crypto industry an idea of forthcoming crypto regulations, namely that they may not be regulated as securities.
Practitioners have decried a lack of concrete change in the form of new rules and guidance. The skeptics have their reasons. The formation of the crypto task force, Trump’s crypto executive order, crypto czar David Sacks’ lone press conference, and the digital asset reserve has been criticized as mere theater.
The real work of regulating comes not in press conferences but in the guidance, enforcement, and rulemaking that support the structure of rules-based systems.
A faithful account of all of the cryptocurrency decisions from the Trump administration reveals a new approach to enforcement and regulation that could meaningfully affect the