PANews reported on November 7 that according to Coingape, the U.S. Securities and Exchange Commission (SEC) has filed a motion with the court seeking a quick verdict on the case of the crypto exchange Kraken, focusing on opposing Kraken's "fair notice" and "major issues principle" defenses. The SEC's move is intended to limit further scrutiny of its crypto policies and avoid excessive questioning of its regulatory approach.
The timing of this motion has also attracted industry attention, as Trump's victory in the US presidential election may replace SEC Chairman Gary Gensler. Trump has said he is considering removing Gensler and replacing him with Hester Peirce, a pro-crypto commissioner. Industry insiders, including Galaxy CEO Mike Novogratz, publicly support Peirce as the new SEC chairman, hoping that she can promote clearer crypto regulations.
In addition, companies such as Ripple have also called for regulatory reforms. Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty believe that the new administration has the opportunity to make the United States a leader in the encryption field.