Many fear too many cooks could slow down changes.
U.S. President-elect Donald Trump’s crypto policy is taking shape with the announcement of a White House crypto czar and a new securities watchdog, but questions remain over who will drive policy and whether too many cooks could slow down changes.
“One big question is whether the policy will be driven by Sacks himself. A czar appointed by Trump is going to want to see changes fairly quickly, but the SEC has processes and you can’t just snap your fingers at the SEC and have new rules,” Ian Katz, managing director of Capital Alpha Partners, said in an email to Reuters. “Personalities will be important,” he added.
“Atkins is kind of a known quantity,” said Lene Powell, senior legal analyst at financial consultancy Wolters Kluwer. Sacks is from “a different sphere.” Under President Joe Biden, the SEC has sued dozens of crypto companies, alleging they broke securities laws, while bank regulators discouraged lenders from dabbling in crypto and Congress failed to pass legislation that would help promote mainstream crypto adoption.
It was also unclear whether Sacks will lead Trump’s crypto advisory council, which is also expected to play a key role in shaping crypto policy. Reuters previously reported the crypto czar was expected to lead that body and coordinate policy among the various regulatory agencies.
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