The Trump administration’s retirement on the application of the crypto continued on Thursday while the Securities and Exchange Commission announced that it rejected legal action that it filed two years ago against the giant binance of cryptocurrency exchanges and its founder, Changpeng Zhao.
The SEC had accused Binance and Mr. Zhao of lying to regulators about his operations in the United States and to poorly manage customer money.
The Commission, the best securities regulator in the country, has decided to reject more than a dozen proceedings or surveys against cryptography companies. In February, he asked a federal judge to suspend the dispute against Binance while he re -evaluated his approach to regulate the rapidly growing cryptography industry.
Four -page dismissalThe regulator said that he abandoned the dispute “in the exercise of his discretion and in political matters”.
The dismissal is a moment of signature for the regulatory decline in the dry given the prominence of Mr. Zhao, a multi -loving, in the cryptography industry.
Zhao, a Canadian of Chinese origin who is also known as CZ, pleaded guilty in November 2023 for violation of federal money laundering accusations. But he only spent four months in federal prison and emerged with most of his financial empire.
This month, World Liberty Financial, a crypto company launched by President Trump’s family, announced that it was helping to facilitate a 2 billion dollar trade agreement between Binance and MGX, a fund supported by Abu Dubai. The leaders of World Liberty Financial also met Mr. Zhao.
Trump, formerly a critical of the cryptographic industry, reversed his position during the presidential campaign last year and promised to let the industry flourish and make a large part of the agenda of the application of dry regulation.
Mr. Trump and his family have also become large financial boosters in the cryptographic industry. In addition to World Liberty Financial, they support a so-called same that was introduced a few days before the inauguration of Mr. Trump in January.
Last week, the president organized a dinner in his Virginia Golf Club, and among the guests, the best paid customers of his personal cryptocurrency, known as $ Trump. The event helped promote sales of the same, which has become a vehicle for investors, including many foreigners, to channel money to their family.
American Bitcoin, a crypto company co-founded by Eric Trump, one of the president’s sons, said this month that he planned to return public.
And this week, Mr. Trump’s social media company, Trump Media & Technology Group, said that it had raised $ 2.5 billion to investors to buy Bitcoin, mainly as an investment strategy. Trump Media, a company that loses money, is the mother company of Truth Social.
Trump is the largest shareholder in the company, with a value of more than $ 2 billion. His actions are held in a trust managed by his eldest son, Donald Jr., who is a member of the board of directors.
Critics said that the Trump family’s participation with the crypto poses a potential conflict of interest given the movements of the dry softening the regulation of digital assets.
David Yaffe-Bellanry Contributed reports.
