In a move that won't surprise observers and will likely delight crypto industry players, the new SEC under President Donald Trump has revealed plans to create a formal crypto framework as its first order of business.
The SEC announced the formation of a new task force aimed at creating a clearer regulatory framework for cryptocurrencies.
Acting SEC Chairman Mark Uyeda, who's filling in the top spot that's widely expected to go to former SEC Commissioner Paul Atkins, unveiled the initiative on Tuesday.
The task, led by Commissioner Hester Peirce, is designed to address long-standing concerns over regulatory ambiguity in the crypto space and develop practical solutions for market participants.
Previously, crypto industry players and advocates had panned the SEC’s strategy under Gary Gensler for its reliance on enforcement actions rather than clear rules, leaving investors and businesses grappling with legal uncertainty.
“Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive,” the SEC statement read, adding that the lack of clear guidelines has created an environment that is “hostile to innovation and conducive to fraud.”
The task force will work across SEC divisions and collaborate with other federal agencies, state regulators, and international bodies. It will focus on drawing “clear regulatory lines,” providing “realistic paths to registration,” and crafting disclosure frameworks tailored to digital assets. Public input will also be a central part of the effort, with the task force planning roundtable discussions in the future.
“This undertaking will take time, patience, and much hard work,” said Peirce. “It will succeed only if the task force has input from a wide range of investors, industry participants, academics, and other interested parties.”
Acting Chairman Uyeda emphasized the importance of crafting a framework that aligns with existing laws while supporting innovation. “I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices,” he stated.
The formation of the task force comes following a spot of volatility in the crypto markets following President Donald Trump's Monday inauguration. Bitcoin, which surpassed $100,000 in December, retreated on Tuesday morning as investors grew unnerved by his deafening first-day silence on the digital asset space.
In a seemingly prescient commentary, former SEC counsel Howard Fischer and Liberty McAteer, who are both partners at New York law firm Moses Singer, argued that the opportunity to bring clarity to crypto regulation under the Trump administration would be a net positive for investors.
"Even if the new rules wind up ”unleashing” crypto firms and imposing limits on the ability of regulators such as the SEC and the Commodity Futures Trading Commission to create rules, this alone could bring substantial clarity to numerous questions about cryptocurrency that have stymied investors, consumers, and operators," they wrote in a Friday piece on Barron's.
"No matter what one’s political position, or position on crypto, is, it’s hard to argue that billions of dollars of assets don’t deserve a more traditionally created governance structure than the one that has been built to date."
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