Patrick Daugherty on Crypto Under Trump Administration – 'Personnel is policy'
Foley & Lardner LLP partner Patrick Daugherty assessed the Trump administration’s approach to the crypto industry in the Blockworks article, “Crypto movement in Trump’s first 100 days: ‘Personnel is policy’.”
“Personnel is policy,” Daugherty noted, explaining that President Trump’s picks to lead the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have marked his most impactful decisions on crypto so far.
“[The SEC] favors rulemaking and interpretation, rather than enforcement, as [its] primary regulatory tools,” Daugherty explained, highlighting several areas related to crypto that the agency will likely look to address, including what he called “rearguard disclosure mandates” that hinder registration.
“‘Come in and register’ must become a realistic opportunity rather than a false promise,” he commented.
Daugherty highlighted that the CFTC will need to prepare for its now larger role in overseeing the crypto industry and that a key issue remains around a timeline for legislative action on market structure and stablecoins.
“The main role for the White House is to assure coordination among the agencies and to prod reluctant senators and representatives to agree upon bills that the president can sign,” Daugherty added.
