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With ongoing talk about how the regulatory winds are now set to turn in crypto’s favor after the election, one can look at software wallet Exodus to see how an SEC shakeup could have a real impact on industry companies.
I checked in with executives at Exodus, which had its public listing delayed in May.
Exodus CEO JP Richardson wasn’t too happy about the delay, saying in a statement the company was “surprised and confused by this last-minute decision,” given it had been “fully transparent and responsive “ with the SEC throughout the process.
Elliot Chun, a partner at advisory firm Architect Partners, blamed the SEC’s “no framework and attack every crypto company enforcement strategy.”
An SEC spokesperson said the agency does not comment on individual companies.
Richardson supported Donald Trump, noting on X how he shared Exodus’s story with the now president-elect. Veronica McGregor, the firm’s legal chief I spoke with in August, was involved in the Crypto4Harris group’s efforts.
McGregor told me after the election she looked forward to working with the new administration, adding “there is zero reason for crypto to be a partisan issue.”
While legislation could take a while to accomplish, she noted, changing the leadership and focus of regulators can (and should) be done more quickly.
“Our top priority is making sure there is a dramatic shift in attitude and approach by regulators such as the SEC,” she added. “The ongoing theme of trying to cram new technology and business models into ancient legal and regulatory frameworks is not merely unproductive, it is also especially detrimental to business and innovation.”
On the public listing, Exodus just submitted a response to the SEC’s latest comment letter and is awaiting next steps, a spokesperson told me.
Even with Trump set to be president, SEC reforms won’t happen overnight, Richardson acknowledged.
He noted: “I’d expect his administration to start laying the groundwork within the first year, bringing in the right experts and setting a regulatory foundation that aligns with his campaign promises.”