Trump’s SEC Poised to Overhaul Crypto Policies with Leadership Change

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With President-elect Donald Trump’s incoming administration, top Republican officials at the U.S. Securities and Exchange Commission (SEC) are gearing up to overhaul the agency’s cryptocurrency policies, potentially as soon as next week. Key SEC figures, including Commissioners Hester Peirce and Mark Uyeda, are expected to lead the charge on clarifying when a cryptocurrency qualifies as a security and to review pending crypto enforcement cases in the courts.

Trump’s pick for SEC Chair, Paul Atkins, is anticipated to bring a crypto-friendly approach, signaling an end to the aggressive crackdown on the industry initiated by President Biden’s SEC Chair Gary Gensler. Gensler, known for his tough stance on crypto regulation, will step down when Trump takes office.

Peirce and Uyeda, both of whom have been critical of Gensler’s policies, will have a majority among the agency’s politically-appointed commissioners starting next week. They are expected to begin the process of revising crypto regulations, potentially starting with a call for industry and public feedback on the SEC’s stance on cryptocurrency as securities.

The SEC has previously brought at least 83 crypto-related enforcement actions, focusing on fraud and market manipulation, with many cases centered on whether crypto tokens behave like securities. However, many in the industry argue that cryptocurrencies are more like commodities and that clear regulations are needed.

While the new SEC leadership is likely to pursue a more crypto-friendly regulatory framework, it is unclear when new policies will be finalized, and addressing complex enforcement actions could take months. Despite these challenges, the industry is hopeful that the Trump administration will create a more favorable environment for cryptocurrencies.

 

Chinese AI Firm Zhipu Opposes U.S. Export Control Entity List Inclusion

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Beijing-based artificial intelligence firm Zhipu Huazhang Technology expressed strong opposition to the U.S. Department of Commerce’s decision to include it and its subsidiaries on the export control entity list. The company issued a statement on its official WeChat account, claiming that the decision lacked factual foundation.

Zhipu, which is involved in the development of advanced AI technologies, responded firmly to the move, which restricts the company’s access to U.S. exports, preventing them from receiving goods or technology without a special license that is typically denied. This addition to the entity list comes amid growing concerns from the U.S. over the potential use of AI for military applications and national security risks associated with China’s technological advancements.

The company emphasized that its inclusion on the list would not significantly impact its operations, asserting that it has mastered the core technology for large language models.

 

Trump’s USDOT Nominee Confirms Continuation of Tesla Safety Investigations

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President-elect Donald Trump’s nominee for the U.S. Department of Transportation (USDOT), Sean Duffy, confirmed that ongoing investigations into Tesla’s advanced driver assistance system will continue under his leadership. During a U.S. Senate hearing, Duffy expressed his commitment to allowing the National Highway Traffic Safety Administration (NHTSA) to complete its probe into Tesla’s Full Self-Driving (FSD) software, which is under investigation after four collisions, including a fatal crash in 2023.

The investigation involves 2.4 million Tesla vehicles equipped with the FSD software, and Duffy assured lawmakers that the probe would proceed without interference. Senator Ed Markey pressed Duffy to ensure that NHTSA would operate independently, regardless of political pressures, to which Duffy responded, “I will let NHTSA do their investigation.”

Tesla, which did not respond immediately to requests for comment, has faced increased scrutiny over its driver-assistance systems as the company transitions toward self-driving technology. In addition to the FSD investigation, NHTSA recently launched a separate inquiry into 2.6 million Tesla vehicles concerning a feature called Actually Smart Summon. This system, which allows users to remotely move their cars, has been linked to crashes due to failure to detect obstacles or parked vehicles, prompting further concern over Tesla’s safety protocols.

In December 2023, Tesla recalled over 2 million U.S. vehicles to address safety issues related to the Autopilot system. NHTSA is still investigating whether the recall measures sufficiently mitigate the risk of driver inattention.

Duffy also mentioned that he would review the Federal Aviation Administration’s proposed fine of $633,000 against Musk’s SpaceX for violations of launch license regulations.