Mike Lowe, a partner in Troutman Pepper Locke’s Health Care + Life Sciences Industry Group, was quoted in the May 24, 2025 Washington Examiner article, “How Trump’s Crypto Embrace Took Out Biden’s Regulatory Crackdown.”

“Chairman Gensler never met a crypto he didn’t think was a security,” said Michael Lowe, a partner at Troutman Pepper Locke and former federal prosecutor. “Biden’s SEC had no interest in guidance — it was all about enforcement.”

“There hasn’t really been any kind of approach up until now to really get some guidance on what digital asset specifically is a security and what digital asset specifically is a commodity,” Lowe said.

Lowe noted that if a digital asset is classified as a commodity, then it is regulated under the Commodity Futures Trading Commission. And if it’s a security, that will fall under the SEC.

“So right now, the Trump administration is actually interested in providing that guidance,” Lowe said.

Lowe, a former fraud prosecutor, said he “was involved in crypto fraud prosecutions, and really, what I found was that most crypto fraud prosecutions are really just fraud prosecutions.”

“Most crypto fraud prosecutions are just fraud prosecutions,” Lowe said. “You don’t need novel theories to go after scammers — you need clear rules. That’s what this administration is trying to build.”

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