Former SEC Division of Enforcement Assistant Director Jennifer Lee stated on May 2 that the reelection potential of Donald Trump is unlikely to alter the SEC's position on cryptocurrencies.

Lee informed CNBC that the SEC actively pursued cases related to crypto during Trump's initial presidential term and contributed to shedding light on and regulating the emerging industry.

She anticipated that the SEC would persist in delineating its authority and influence over the crypto sphere if Trump were to serve a second term.

While the SEC has been more consistent in determining whether specific cryptocurrencies fall under its jurisdiction, the extent of its authority over the industry remains uncertain, according to Lee.

Lee refrained from commenting on the precise actions taken by the SEC during Trump's first term. However, then-SEC chair Jay Clayton notably brought certain crypto transactions under the SEC's oversight around 2018, including declaring during a Senate hearing that all Initial Coin Offerings (ICOs) he had encountered were securities. Clayton also expressed the view that some cryptocurrencies, such as Bitcoin, were not securities at that time.

Contrary to Lee's perspective, former Chief of the SEC Office of Internet Enforcement John Reed Stark argued in September that the SEC under Trump might not be stringent regarding crypto. Stark suggested that a Republican-appointed SEC chair would likely slow down the SEC's crypto enforcement efforts and speculated that Trump might alter his anti-crypto stance to appeal to single-issue crypto voters.

Stark highlighted that Trump holds significant crypto assets, a claim supported by financial disclosures related to Trump's ventures in Non-Fungible Tokens (NFTs).

Similarly, others have proposed a more lenient approach. In January, House Majority Whip Tom Emmer suggested that a second Trump administration could be more accommodating toward crypto.

In March, Trump himself hinted at a moderate approach to crypto regulation.

Despite potential policy shifts, a change in presidential leadership could affect SEC governance. Typically, SEC chairs resign during transitions between administrations. Therefore, Gary Gensler, the current SEC chair whose term extends until June 2026, might step down in the event of a Trump victory.

The outcome of the US presidential election is uncertain. According to FiveThirtyEight, Trump and Biden have equal chances of winning, with Trump at 41.7% and Biden at 40.7%.