Carl Fornaris Discusses Effects of Trump SEC Chair Pick on Cryptocurrency with The Daily Upside

Winston & Strawn Digital Assets & Blockchain Technology Group Co-Chair Carl Fornaris was quoted in The Daily Upside discussing what President-elect Donald Trump’s announced plans to nominate Paul Atkins as the next Securities and Exchange Commission (SEC) Chairman means for the cryptocurrency industry. Many say Atkins could bring a lighter touch to regulation and make digital assets more mainstream. He is also expected to collaborate with the crypto industry, instead of hindering it.

“You’re going to see a very bipartisan effort to pass digital asset legislation,” said Carl. “It might benefit sub sectors like stablecoin issuers, and it could also provide clarity on what the SEC can and cannot regulate.”

Carl noted that advisors and wealth managers are also welcoming Atkins’ nomination, as they can also benefit from an era of deregulation and less enforcement. Any pending SEC rules are likely to be paused when the next administration takes over, he added, citing how the Treasury Department and the Financial Crimes Enforcement Network similarly froze all rulemaking efforts on day one of Trump’s first term. 

Read the full article.