"SEC Slashes Crypto Enforcement Team Amid Trump's Digital Asset Push"

Based on the provided news articles, here's a summarized and structured news report in the style of Bloomberg:

SEC Reassigns 50 Lawyers and Staff to Reduce Crypto Enforcement

The U.S. Securities and Exchange Commission (SEC) is reducing the size of its crypto enforcement unit, reassigning over 50 lawyers and staff members working on crypto-related cases. This move comes as part of an executive order from President Trump to drive the growth of digital assets by reducing regulatory constraints.

According to a New York Times report, one senior attorney has been transferred out of the enforcement division, with some insiders viewing these measures as an unjust demotion. The report also notes that the SEC is scaling back its crypto enforcement unit, with some lawyers being reassigned to different departments within the agency.

Acting SEC Chair Mark Uyeda has established a task force to review the agency’s strategy on digital assets, led by Commissioner Hester Peirce. This team will focus on re-evaluating asset classifications and shifting certain enforcement responsibilities outside of the SEC’s direct oversight.

Peirce has stated that the SEC will maintain strict measures against fraudulent activities, saying, “SEC rules will not let you do whatever you want, whenever you want, however you want.” However, she also emphasized the need for a more balanced approach to regulation, likening the SEC’s previous approach to “careening” down the road while “slamming on the enforcement brakes.”

The SEC’s restructuring of its crypto unit may impact ongoing cases, including its lawsuit against Ripple. The SEC recently removed the case from its website, but it remains active in the legal system. The reassignment of staff raises questions about the future of this high-profile case.

Meanwhile, the White House’s Digital Assets Working Group, led by Crypto Czar David Sacks, is actively exploring the creation of a national Bitcoin reserve. During a recent press conference, Sacks articulated the group’s objectives, emphasizing the exploration of Bitcoin as a viable reserve asset for government entities.

In tandem with the SEC’s restructuring, the U.S. government is taking several big steps towards regulatory clarity for the industry. These moves reflect a broader commitment to establishing a clearer framework for digital assets and fostering an environment conducive to innovation within the crypto space.

Don’t forget to enable notifications for our Twitter account and Telegram channel to stay informed about