Cointelegraph Team
Cointelegraph
Donald Trump’s potential victory in the November elections could see several Securities and Exchange Commission crypto lawsuits dismissed, according to a crypto lawyer — but others note he has a history of not keeping promises.
“I wouldn’t settle any crypto case with the current SEC before seeing how the election turns out,” crypto lawyer James Murphy, known as “MetaLawMan,” wrote in a May 26 X post.
Murphy expects “a very different SEC” given Trump’s recent crypto promises.
In the past month, Trump has pitched himself as the crypto industry’s choice, saying he’s “fine with” crypto, that the United States “must be the leader in the field,” and recently promised to commute Silk Road founder Ross Ulbricht’s life sentence if elected.
“I could imagine voluntary dismissals of crypto cases the [SEC Chair] Gary Gensler regime has initiated where there was no fraud and no victims,” Murphy added.
Source: James Murphy
In a contrarian X post, Cinneamhain Ventures partner Adam Cochran claimed Trump “has a decades-long history of back peddling” and “selling out others for his own interests.”
“Just like Biden, Trump was previously anti-crypto and is pandering to get votes,” he added.
Two Prime hedge fund partner Alexander Blume made a similar argument, commenting that Trump “has a track record of making promises to desperate people/groups for his own ends and then not honoring those promises.”
Analysis from the fact-checking site PolitiFact claims Trump broke over half of the 102 promises made during his 2016 presidential campaign, compromised on 23 and kept 24.
Trump has a history of anti-crypto remarks, too.
As president, Trump tweeted he was “not a fan of Bitcoin and other cryptocurrencies” as they are “based on thin air.” In 2021 he also claimed crypto “may be fake” and is “a disaster waiting to happen.”
Crypto lawyer Gabriel Shapiro, however, wrote on X that “Trump saying some mean words about crypto on Twitter” can’t be compared to “the four-year witch hunt the Biden admin has waged on crypto.”
Trumps past crypto remarks and election promises record won’t be enough to sway some crypto U.S. industry executives.
Crypto outlet The Block founder turned venture capitalist Mike Dudas said while he dislikes Trump “on like 1,000 different levels,” his promises mean “he’s going to allow me to pursue my livelihood and provide for my family, investors, founders and their employees.”
Trump has a one percentage point lead over President Joe Biden in Morning Consult’s 2024 presidential election polling.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
The crypto market is stuck in the mud
The crypto market has been hovering in a narrow range for the past four days, adding just over 2.5% over the past seven days to $2.72 trillion. These are levels below the 200-day moving average, indicating that the balance of power is now on the sellers' side.
Fintech and crypto firms push for bank licenses under Trump administration
Fintech and crypto firms seek bank charters under Trump, aiming for growth, lower costs, and legitimacy amid expectations of a more business-friendly regulation.
ETH consolidates below $2,000 as Standard Chartered alters its prediction for 2025
Standard Chartered analysts led by Geoffrey Kendrick lowered the bank's expectations for Ethereum's price in 2025. The bank adjusted its latest prediction, reducing Ethereum's 2025 price target from $10,000 to $4,000.
Solana price faces 50-day resistance as SOL futures debut on CME Group with $5M volume on fifth anniversary
Solana (SOL) stagnated around the $128 mark on Monday despite multiple bullish catalysts. The recent SOL unlocks by Alameda Research, ahead of FTX creditor repayments, have created a persistent bearish overhang since early March.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.