After years of contentious legal battles with the U.S. Securities and Exchange Commission (SEC), Donald Trump's recent electoral victory is seen by the crypto industry as a clear signal that current legal pressures might ease once he assumes office again.

However, former SEC officials state that releasing the SEC from its current enforcement commitments, especially those tied to current Chair Gary Gensler, is a complex matter.

"While a new chairman may look to sweep away future enforcement actions, the legal proceedings already in progress pose a challenging obstacle that could extend into 2025 or beyond," one attorney noted.

The highly publicized case against Ripple Labs epitomizes these ongoing issues, where the SEC has accused the firm of operating without proper securities registration.

"The current enforcement strategy regarding cryptocurrencies largely evolved under the previous administration, and it is essential to recognize that Gensler's approach is merely a continuation of what was established under Jay Clayton's leadership," stated Ladan Stewart, an enforcement veteran now with White & Case.

Stewart added, "There is significant public scrutiny regarding enforcement actions, including the Ripple case, which was initiated during Clayton's administration."

The pressing questions facing the SEC regarding crypto assets include whether the Howey Test remains applicable, how digital tokens are classified as securities, and the ramifications for crypto exchanges. These considerations are crucial not just for compliance but also determine the viability of many digital trading platforms moving forward.

In the interim, former SEC officials recommend a careful differentiation between cases involving fraudulent activities and those with procedural non-compliance, with hopes for a more favorable stance towards the latter under new Republican leadership.