US SEC Launches Crypto Task Force, Aims to ‘Set the SEC on a Sensible Regulatory Path’
A day after Gary Gensler left office and President Donald Trump took office, the U.S. Securities and Exchange Commission established a new cryptocurrency task force. Today’s announcement criticizes previous actions by regulators led by Gary Gensler. The SEC’s Hester Peirce will lead a working group aimed at developing a practical regulatory approach for the commission.
Acting Chairman Uyeda Announces SEC Crypto 2.0
The U.S. Securities and Exchange Commission (SEC) has established a new working group to focus on cryptocurrency regulation. The move was announced a day after controversial SEC leader Gary Gensler resigned. The new acting chairman, Marl Uyeda, was appointed by President Donald Trump.
Hester Peirce, known for her pro-crypto views, will lead the working group. Her positive attitude towards cryptocurrencies has even earned her the nickname “Crypto Mom.” The SEC stated that Crypto 2.0 aims to provide clear regulatory guidance for the cryptocurrency industry.
The U.S. Securities and Exchange Commission said in a statement statementTo date, the SEC has relied primarily on enforcement actions to regulate cryptocurrencies retroactively and reactively, often employing novel and untested interpretations of the law. Clarity on who must register, and practical solutions for those seeking to register, have been elusive. “
Uyeda criticized the SEC’s handling of cryptocurrencies as problematic and called for clearer guidance. Pierce also criticized the agency and suggested providing a three-year “safe harbor” for blockchain projects to be developed without strict compliance with federal securities laws.
Uyeda advisors Richard Gabbert and Taylor Asher will hold key roles in the new working group, which will focus on clear regulations, realistic registration pathways and appropriate implement. The task force will also host roundtables and adhere to the legal framework provided by Congress.
SEC Selects Collaborative Crypto Regulatory Strategy
The SEC will work with multiple federal agencies and departments, such as the Commodity Futures Trading Commission, which is currently led by Acting Chairman Caroline Pham, as well as state and global regulators.
“I look forward to Commissioner Peirce’s efforts to lead cryptocurrency regulatory policy, which spans multiple SEC divisions and offices,” said Acting Chairman Uyeda.
Historically, the SEC has regulated the cryptocurrency industry primarily through enforcement actions. During President Trump’s first term, under Chairman Gary Gensler and Jay Clayton, the agency filed numerous lawsuits against cryptocurrency companies, often for operating without proper registration.
Scrutiny of these companies has intensified under President Joe Biden, especially after the failure of cryptocurrency exchange FTX.
Also read: Trump Price Prediction Today
During Trump’s second term, new rules are expected to be enacted for cryptocurrency companies to ensure they comply with financial regulations. These may include specific guidelines on which tokens qualify as securities and how much federal regulation is involved.
President Trump has remained silent on cryptocurrencies since taking office on January 20. The industry awaits potential executive orders, including the possible establishment of a federal Bitcoin reserve in the United States
