Newly-designated U.S. Securities and Exchange Commission (SEC) Acting Chair Mark Uyeda has announced a cryptocurrency task force that will work on providing a clear regulatory framework for crypto assets, and he has appointed Commissioner Hester Peirce to lead the force.
Uyeda announced the task force’s creation just a day after President Donald Trump designated him to the Acting Chair role. He will lead the agency pending Paul Atkins’ Congress confirmation for the chairmanship position.
What is Expected of the Task Force?
“The Task Force will collaborate with Commission staff and the public to set the SEC on a sensible regulatory path that respects the bounds of the law,” the regulator said in a statement.
“To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way,” the statement added.
Moving forward, the Wall Street regulator seeks to provide clarity regarding which companies require registration and practical solutions will be provided for those who seek to register.
Also, the Task Force is expected to help the Commission “draw clear regulatory lines” and provide “realistic paths” toward registering digital asset businesses.
The new group has also been tasked with accomplishing the following:
- Create “sensible” disclosure frameworks for companies in the blockchain and crypto asset business and those who want to enter the space
- “Judiciously” deploy enforcement resources
- Operate within the statutory framework as provided by Congress
- Provide Congress with technical assistance as necessary
- Coordinate with federal agencies, including the CFTC (Commodity Futures Trading Commission and other international counterparts
Peirce, dearly called “Crypto Mom” in the crypto community, acknowledged that the Task Force’s duties will take time before results come through. “It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties,” she said.
She said the Task Force is looking forward to collaborating with the public “to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”
A Strong Duo to Assist ‘Crypto Mom’
Peirce will be assisted by two other experts appointed to the role by Uyeda.
Richard Gabbert, a senior advisor to Uyeda and was also a counsel to Peirce, will serve as the group’s Chief of Staff. Gabbert was previously with the SEC’s Division of Trading and Markets, Office of Derivatives Policy before providing counsel at the Commissioner’s office.
Taylor Asher, a senior policy advisor to Uyeda, will serve as the Task Force’s Chief Policy Advisor. Before working at the regulatory agency, Asher was a personal aide to Sen. Bill Hagerty, R-Tenn. He was also a part-time crypto fellow at MIT’s Digital Currency Initiative.
A New Dawn in Crypto Regulation
The new SEC Task Force’s formation came amid high hopes that Trump’s second presidency will lead to a more balanced approach in regulating digital assets and blockchain technology.
Taraxa Co-founder Steven Pu previously told International Business Times that under Trump, regulatory agencies will “adopt a less prosecutorial stance toward digital assets.”
At least based on Uyeda’s first move as Acting SEC Chair, Pu’s projection is on point.
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