The Commodity Futures Trading Commission sued Gemini in 2022 for making misleading statements.

Clayton oversaw the SEC between 2017 and 2020.

The suit wants a court to block the SEC from suing crypto exchanges moving forward.

Crypto-friendly Donald Trump’s win in the U.S. presidential race will likely result in a change in leadership at the Securities and Exchange Commission.

With the crypto-friendly Donald Trump being elected president, industry leaders are now awaiting his first big move, which could be appointing a new chair of the U.S. Securities and Exchange Commission.

Under the proposal, bitcoin would be established as a strategic reserve asset and the government could buy up to 5% of the cryptocurrency’s total supply, the report said.

Analysts expect a broad market rally and changes in SEC leadership. Trump’s crypto policies include a bitcoin strategic reserve, banning a central bank digital currency and freeing Ross Ulbricht.

Stablecoin and market structure bills may now both see faster progress, the report said.

As Donald Trump’s path toward the White House became clearer, the industry had already scored huge, getting many new allies in Congress and a serious Senate hurdle removed.

Lawyers slammed the SEC for a lack of clarity on regulation when it comes to virtual assets.