Pantera Capital’s Chief Legal Officer, Katrina Paglia, revealed that the crypto industry is getting more attention from the White House and regulators.
In a recent interview on Bloomberg Crypto, Paglia said, “We do see a lot of reach out, particularly since January 20th. It’s been materially more than I can say prior to that.”
She said that regulators, including the U.S. Securities and Exchange Commission and the White House, are strongly interested in understanding the industry. She added, “They want to talk to us, they want to be educated, and that interest in learning about the industry is so positive.”
Paglia believes this engagement is a positive sign, suggesting that the administration’s new crypto task force will work with industry leaders to develop clear, pro-innovation regulations. She expected bipartisan efforts to create a legal framework that ensures safety while fostering growth in the sector.
In the past, when Gary Gensler served as the Chairman of the SEC, he gained attention for his tough stance on cryptocurrencies. Under his leadership, the SEC believed that the crypto industry needs stronger oversight, citing a lack of adequate disclosures for everyday investors.
After four years as SEC Chair, Gary Gensler departed in January, and now he is a professor at MIT. President-elect Donald Trump nominated Paul Atkins to replace Gary Gensler as the next SEC Chairman.
Atkins has shown a more favorable approach towards crypto and blockchain technology.
There is also a legal battle between Ripple and the SEC that highlights the challenges crypto companies face under the SEC’s past approach. The SEC has also clashed with Coinbase, showing limited enthusiasm for crypto.
The new approach of engagement marks a significant shift from the airy stance of the SEC, as it has been more resistant and less open to the crypto industry in the past.
Additionally, Pantera Capital’s Bitcoin Fund reached a remarkable milestone in November, surpassing 131,000% lifetime returns after fees and expenses.
