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SEC under Trump could freeze crypto cases not involving fraud

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The U.S. Securities and Exchange Commission (SEC) is poised for a significant shift in its approach to cryptocurrency regulation under President-elect Donald Trump’s administration. With SEC Chair Gary Gensler and Commissioner Jaime Lizárraga set to resign on January 20, 2025, Republican Commissioners Hester Peirce and Mark Uyeda are expected to assume a majority position. This change could lead to a reevaluation of the SEC’s stance on digital assets, particularly concerning enforcement actions that do not involve fraud allegations.

Under Gensler’s leadership, the SEC pursued numerous enforcement actions against crypto firms, including high-profile cases against Coinbase, Binance, and Ripple Labs, alleging violations of securities laws. The incoming administration, however, has signaled a more crypto-friendly approach. Paul Atkins, President-elect Trump’s nominee for SEC Chair, is anticipated to initiate an overhaul of the agency’s cryptocurrency policies, potentially freezing or withdrawing ongoing enforcement cases that lack fraud allegations.

This prospective policy shift has generated optimism within the cryptocurrency community, which has often criticized the SEC’s previous regulatory approach as overly aggressive. Industry stakeholders are hopeful that a more supportive regulatory environment will foster innovation and growth in the U.S. crypto market. However, legal experts caution that dismissing enforcement actions could set a risky precedent, emphasizing the need for balanced regulation that ensures market integrity while promoting technological advancement.

As the SEC transitions under new leadership, the agency is expected to undertake a comprehensive review of its cryptocurrency regulations, aiming to provide clearer guidelines on when digital assets are considered securities. While the process of implementing new policies may take several months, the anticipated changes reflect the Trump administration’s commitment to reshaping the regulatory landscape for cryptocurrencies, potentially ushering in a new era of regulatory clarity and industry growth.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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