Jorge Tenreiro, the former chief of the SEC’s crypto enforcement section, has been relocated to the agency’s IT department, indicating a substantial shift in the SEC’s attitude to cryptocurrency regulation. Sources report that the SEC transferred Tenreiro, a key player in its legal battles with bitcoin companies, last week. His new position in the IT division comes as the SEC is revising its crypto enforcement approach under new leadership.
Tenreiro formerly served as the SEC’s Chief Litigation Counsel, leading high-profile actions against companies like Ripple and Coinbase. His redeployment comes in the wake of increased political pressure, particularly from pro-crypto groups, as well as a shift in the regulatory landscape since Mark Uyeda was appointed acting head of the SEC.
The SEC’s broader effort to soften its harsh approach to cryptocurrency regulation includes this action. Under the previous administration, led by Gary Gensler, the SEC maintained a tight enforcement posture, but this strategy has been reconsidered with President Trump’s latest executive order, which attempts to construct a more crypto-friendly regulatory structure.
Tenreiro’s new job comes after other big changes at the SEC, like reorganizing its crypto enforcement section and getting rid of some controversial rules, like the 2022 crypto accounting rule. These adjustments indicate a more balanced approach to the fast-evolving cryptocurrency business, with a focus on clear principles rather than strict enforcement.
As the SEC navigates these developments, the fate of ongoing litigation proceedings, including those involving Ripple, is uncertain. However, with the formation of a new task force to address crypto regulation and the appointment of crypto-friendly commissioners, the tone of US crypto policy is definitely evolving toward a more accepting position.
