Acting SEC Chairman Ueda announced a new crypto task force
SEC Acting Chairman Mark Uyeda has announced a crypto task force dubbed “SEC Crypto 2.0” as the task force seeks to establish a clear regulatory framework for cryptocurrencies. SEC Commissioner Hester Peirce will lead this task force.
The US Securities and Exchange Commission has announced the formation of a new crypto task force.
Acting SEC Chairman Mark Uyeda launched “SEC Crypto 2.0,” a task force the agency established “that will be committed to developing a comprehensive and transparent regulatory framework for crypto assets.”
The announcement comes days after it was announced that the agency is looking to reset its approach to crypto regulation under President Donald Trump.
The SEC will form an executive chair crypto task force
According to a press release published on January 21, Commissioner Hester Pearce is set to lead the new task force. Crypto 2.0 aims to provide a path to regulatory transparency for the crypto industry, the SEC said in a release.
“Until now, the SEC has relied primarily on enforcement to regulate crypto in a backward and reactive manner, often with new and untested legal interpretations along the way. Clarity on who must register and practical solutions for those seeking to register have been unclear,” the statement reads in part.
The SEC plans to coordinate with other federal agencies, including the Commodity Futures Trading Commission (CFTC). The collaboration includes both government and international partners.
“This work will take time, patience and a lot of work. It will only succeed if the task force receives input from a diverse range of investors, industry participants, academics and other interested parties. It will work with the public to create a regulatory environment that protects investors, facilitates capital formation, promotes market integrity and supports innovation.” “We look forward to working hand in hand,” said Commissioner Pierce.
The SEC's move comes a day after former chairman Gary Gensler resigned following his resignation. President Donald Trump appointed Uydan as acting chair.
While Gensler has criticized the Commission's regulation for its mandatory approach and lack of a clear way for crypto companies to register, the main goal of the task force is to clear up confusion. It also helps to put “intelligent disclosure enclosures” in place with the SEC looking at public comment on this. The group chaired by Pearce also holds roundtable meetings.
