The U.S. Securities and Exchange Commission (SEC) announced the creation of a cryptocurrency task force on Jan. 21, 2025, a day after former Chair Gary Gensler resigned.
The U.S. Securities and Exchange Commission (SEC) announced the creation of a cryptocurrency task force on Jan. 21, 2025, a day after former Chair Gary Gensler resigned. Acting Chair Mark Uyeda stated that the task force will develop a clear regulatory framework for digital assets. Commissioner Hester Peirce, known for her pro-crypto stance and nicknamed “Crypto Mom,” will lead the group, with Richard Gabbert and Taylor Asher serving as chief of staff and chief policy adviser, respectively.
The SEC outlined the task force’s objectives, which include creating practical paths for coin registration, developing sensible disclosure frameworks, and deploying enforcement resources effectively. It plans to hold public hearings and consult with stakeholders, including investors, industry participants, academics, and regulators. The group will work with federal agencies like the Commodity Futures Trading Commission, now led by Acting Chair Caroline Pham, and other state and international regulators.
The task force was introduced amid expectations of a shift in the SEC’s approach to crypto under the Trump administration. During his campaign, Donald Trump promised a more crypto-friendly environment, contrasting with the Biden administration, where Gensler’s tenure saw numerous enforcement actions against crypto firms. These included accusations of unregistered securities and resistance to establishing cryptocurrency exchange-traded funds (ETFs). The SEC’s announcement acknowledged past confusion about regulations and promised a more straightforward approach to foster innovation while protecting investors.
Bitcoin’s price surged by 2.4% to over $106,000 following the announcement, reflecting optimism within the $3.7 trillion crypto industry. The task force’s focus on clarity was welcomed by stakeholders who have long criticized the SEC for relying heavily on enforcement rather than proactive regulation. The agency stated that this effort would require input from a wide range of voices to succeed.
Under Trump’s administration, crypto is expected to play a more prominent role. Before his inauguration, Trump launched a memecoin, $TRUMP, and First Lady Melania Trump released $MELANIA, both of which saw brief surges before sharp declines. The new task force aligns with Trump’s broader vision of reducing regulatory barriers for the sector while addressing legal ambiguities.
The SEC’s move marks a significant step toward addressing the regulatory challenges faced by the crypto industry. The task force aims to provide clear rules for digital assets, encouraging compliance and reducing fraud while fostering innovation. Peirce emphasized that collaboration and patience would be key to the group’s success, as the SEC works to balance investor protection with the need for a thriving crypto market.
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