A potential victory for Donald Trump in the upcoming November elections could lead to the dismissal of several SEC crypto lawsuits, according to a crypto lawyer. However, others argue that Trump has a history of not fulfilling his campaign promises.
Trump’s Impact on SEC Crypto Lawsuits
Crypto lawyer James Murphy, known as “MetaLawMan,” advised against settling any crypto cases with the current SEC before the election outcome is known. Murphy believes a Trump victory would result in a very different SEC, given Trump’s recent pro-crypto stance.
Trump’s Crypto Promises
Recently, Trump has positioned himself as a supporter of the crypto industry, stating he is “fine with” crypto and that the U.S. should lead in the field. He also promised to commute the life sentence of Silk Road founder Ross Ulbricht if elected. Murphy suggested that voluntary dismissals of SEC crypto cases could occur under Trump’s administration, especially where there was no fraud or victims.
Skepticism and Criticism
Contrarily, Adam Cochran of Cinneamhain Ventures noted that Trump has a long history of backpedaling and prioritizing his interests. He argued that Trump, like Biden, is pandering for votes, citing Trump’s previous anti-crypto stance. Similarly, Alexander Blume of Two Prime hedge fund highlighted Trump’s track record of making unfulfilled promises to desperate groups.
Historical Context
PolitiFact’s analysis shows that Trump broke over half of the 102 promises he made during his 2016 presidential campaign, compromised on 23, and kept 24. As president, Trump tweeted his disapproval of Bitcoin and other cryptocurrencies, calling them “based on thin air” and suggesting they might be “fake” or a “disaster waiting to happen.”
Industry Reactions
Despite Trump’s past anti-crypto remarks, some in the crypto industry might still support him. Crypto lawyer Gabriel Shapiro argued that Trump’s negative comments about crypto do not compare to what he called the Biden administration’s “four-year witch hunt on crypto.” Mike Dudas, founder of The Block and a venture capitalist, acknowledged his personal dislike for Trump but appreciated his promises that could benefit his livelihood and the crypto industry.
Election Outlook
Trump currently holds a one percentage point lead over President Joe Biden in Morning Consult’s 2024 presidential election polling. The U.S. will head to the polls on November 5.