The U.S. Securities and Exchange Commission (SEC) has moved decisively to create a dedicated task force aimed at establishing a clear regulatory framework for cryptocurrency assets.
The task force, announced on 21 January 2025, comes as part of an effort to create defined rules for the rapidly growing crypto industry, which has long called for clarity from regulators.
Led by Commissioner Hester Peirce, known as "Crypto Mom" for her support of blockchain and crypto innovation, the task force will collaborate with industry stakeholders, including investors, academics, and businesses.
Hester Peirce, often called "Crypto Mom," has been a strong advocate for bringing clarity and structure to the cryptocurrency space, driven by her belief in its future potential.
Peirce has expressed a commitment to finding solutions that will foster innovation while maintaining market integrity and investor protection.
Peirce said in a statement,
"We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity and supports innovation."
The task force will also actively seek input from the public, inviting comments via email and planning to hold roundtable discussions to further refine the approach.
The change in SEC leadership under the Trump administration is expected to bring a revision of policies that led to numerous legal actions against crypto firms in the past.
The SEC under former President Biden had pursued enforcement actions against major companies, including Coinbase and Kraken, over alleged violations of its rules.
However, these firms have contested the SEC's position, asserting that existing regulations do not properly account for the nature of digital assets.
Acting SEC Chairman Mark Uyeda, appointed by President Trump, along with Peirce, is steering the agency in a new direction, prioritising clarity and proactive engagement with the industry.
Jonathan Jachym, Global Head of Policy at Kraken, said,
"We are encouraged by this meaningful first step towards real policy solutions and ending the regulation by enforcement era of the past."
For years, the crypto industry has been calling for clearer guidelines from the SEC on when a cryptocurrency qualifies as a security and falls under its oversight.
In March 2022, Peirce spoke on the issue, saying that crypto companies had repeatedly sought clear instructions but found the SEC’s response lacking.
She stated,
"We have the authority to provide that kind of relief, but we just haven’t shown that we’re willing to be creative in tailoring that relief in a way that makes sense."
Now, with the establishment of the crypto task force, the SEC is positioning itself to help craft sensible disclosure frameworks and provide more realistic paths to registration for crypto companies.
Peirce has made it clear that the task force will be focused on working with both the public and industry participants to build a regulatory framework that reflects the fast-evolving nature of digital assets.
The task force will also engage with other key regulatory bodies, such as the Commodity Futures Trading Commission (CFTC), and work alongside state and international regulators.
The SEC’s announcement highlights its intention to assist lawmakers in the creation of crypto-related legislation, further expanding its scope of influence over the sector.
The new task force is being hailed as a victory by key players in the crypto space.
Coinbase’s Chief Legal Officer, Paul Grewal, expressed optimism, noting,
"We have been saying for years to help us by crafting rules for crypto. Over the last four years, the answer was resoundingly 'no.' It is a new day."
With Bitcoin reaching new heights and crypto companies eager for clearer regulation, this move from the SEC marks a significant shift in the regulatory landscape.
The task force's focus will be to provide structure and guidance that could ultimately shape the future of the crypto industry in the U.S.
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