US SEC Launches Crypto Task Force, Aims to ‘Set the SEC on a Sensible Regulatory Path’
The post US SEC Launches Crypto Task Force, Aims to ‘Set the SEC on a Sensible Regulatory Path’ appeared first on Coinpedia Fintech News
The day after Gary Gensler left his position and President Donald Trump was inaugurated, the U.S. Securities and Exchange Commission introduced a new cryptocurrency task force. This announcement, made today, criticized the regulator’s previous actions led by Gary Gensler. Hester Peirce of the SEC will head the task force aimed at setting a practical regulatory approach for the commission.
Acting Chair Uyeda Announces SEC Crypto 2.0
The U.S. Securities and Exchange Commission (SEC) has created a new task force focused on cryptocurrency regulations. This move was announced just a day after the controversial SEC leader, Gary Gensler, resigned. The new acting chairman, Marl Uyeda, was appointed by President Donald Trump.
Hester Peirce, known for her supportive views on cryptocurrency, will lead the task force. Her favorable approach towards crypto has even earned her the nickname “crypto-mom”. The SEC said that Crypto 2.0 is designed to provide clear regulatory guidelines for the cryptocurrency industry.
The SEC said in a statement, “To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way. Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive.”
Uyeda has criticized the SEC’s handling of cryptocurrencies as problematic, calling for clearer guidance. Peirce has also criticized the agency and suggested a three-year “safe harbor” for blockchain projects to develop without strict federal securities law adherence.
Richard Gabbert and Taylor Asher, advisors to Uyeda, will hold key positions in the new task force, which will focus on clear regulations, realistic registration paths, and proper enforcement. The task force will also host roundtables and adhere to the legal frameworks provided by Congress.
SEC Chooses Collaborative Crypto Regulation Strategy
The SEC is set to collaborate with various federal bodies and departments, such as the Commodity Futures Trading Commission, which is currently under the leadership of Acting Chairman Caroline Pham, alongside state and global regulators.
“I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices,” said Acting Chairman Uyeda.
Historically, the SEC has managed the cryptocurrency industry mainly through enforcement actions. During the first term of Trump’s presidency, under the leadership of chairs Gary Gensler and Jay Clayton, the agency filed numerous lawsuits against cryptocurrency companies, often for operating without proper registrations.
The scrutiny of these companies increased under President Joe Biden’s administration, especially after the failure of the cryptocurrency exchange FTX.
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During Trump’s second term, it is expected that new rules will be established for crypto companies to make sure they adhere to financial regulations. These will likely include specific guidelines on which tokens qualify as securities and how much federal regulation is involved.
Since his January 20 inauguration, President Trump has been silent on cryptocurrency. The industry awaits potential executive orders, including possibly establishing a federal Bitcoin reserve in the U.S.
