NEWSLETTER
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Trump's US Securities and Exchange Commission has begun its reboot with a dedicated effort to resolve regulatory ambiguity around cryptocurrencies that persisted under the previous administration.
“The SEC can do better,” reads a Jan. 21 statement. statement announcing the creation of a cryptocurrency task force by Mark Uyeda, acting chairman of the Securities and Exchange Commission.
President Uyeda stated that the main objective of the task force will be to “develop a comprehensive and clear regulatory framework” for crypto assets. The initiative will be led by SEC Commissioner Hester Peirce, who urged the public to collaborate with the SEC to shape defined crypto rules, but warned that the process would require time and effort.
This task will take time, patience, and a lot of hard work. It will only be successful if the Working Group has input from a wide range of investors, industry participants, academics and other stakeholders.
Hester Peirce, SEC Commissioner and crypto Task Force Coordinator
The task force was announced a day after former SEC Chairman Gary Gensler left the agency and President Donald Trump selected Uyeda as acting chairman. Both Uyeda and Peirce were competing for the chair position, as they were Republican commissioners and fighting regulation through law enforcement.
However, President Trump nominated former SEC Commissioner Paul Atkins to be the next head of the Securities Commission. The election is subject to approval by the United States Senate.
During his campaign, Trump promised to end the sweeping crackdown on cryptocurrencies, and reports suggest that the SEC may dismiss certain digital asset litigation that does not involve financial fraud. While it is still early, “SEC 2.0” appears to be charting a course long suggested by the crypto industry, one focused on clarifying regulatory oversight and establishing guidelines for cryptocurrencies and digital assets.
