2025-02-06
The U.S. Securities and Exchange
Commission (SEC) has reassigned Jorge Tenreiro, a key figure in the agency’s
cryptocurrency enforcement efforts, to its computer systems management
department, according to a report by The Wall Street Journal.
Tenreiro, who played a leading role in
the SEC’s lawsuits against major crypto firms such as Ripple and Coinbase, had
served as the deputy chief of the agency’s crypto assets and cyber unit from
October 2022 to November 2024.
His reassignment comes as the SEC
scales back its aggressive enforcement approach toward the cryptocurrency
sector.
The move follows a broader
restructuring within the SEC under the new administration of President Donald
Trump, who took office on January 20, 2025.
In a major leadership shift, former SEC
Chair Gary Gensler—known for his tough stance on crypto regulation—departed,
and President Trump appointed Republican SEC Commissioner Mark Uyeda as acting
chair.
Uyeda has signaled a shift in the
agency’s approach to digital assets, forming a specialized task force to
clarify crypto regulations.
The SEC’s recent actions reflect a
policy pivot under Uyeda’s leadership. On January 23, the agency withdrew SAB
121, an accounting rule that required crypto custodial firms to report
client-held digital assets as liabilities on their balance sheets—a requirement
that drew criticism from industry advocates.
Additionally, Uyeda appointed
Republican SEC Commissioner Hester Peirce to lead a newly formed crypto task
force aimed at defining which digital assets qualify as securities and
establishing clearer registration guidelines.
Tenreiro’s reassignment is part of a
broader downsizing of the SEC’s crypto enforcement division, signaling a more
conciliatory regulatory approach under the Trump administration.
The shift marks a stark contrast to the
agency's previous enforcement-heavy strategy, which saw multiple lawsuits
against leading cryptocurrency firms.
