New SEC Crypto Task Force Formed for Clearer Regulations

Following the resignation of the head, Gary Gensler, who has always made sceptical comments towards cryptocurrencies, an SEC crypto task force has been established to deal with cryptocurrency issues.

Under the leadership of Acting Chair Mark Uyeda, the SEC is now focused on developing a “comprehensive and clear” regulatory framework for digital assets.

The SEC crypto task force, headed by Commissioner Hester Peirce, aims to create a more proactive approach to crypto regulation, moving away from the agency’s previous emphasis on enforcement. One of its primary goals is to establish practical methods for coin registration and develop sensible disclosure frameworks.

The SEC also plans to effectively allocate enforcement resources and engage with various stakeholders, including investors, industry participants, and academics.

Public hearings will be held to gather input, and the SEC crypto task force will collaborate with federal agencies like the Commodity Futures Trading Commission (CFTC), led by Acting Chair Caroline Pham, as well as state and international regulators.

The announcement comes amid expectations that the SEC’s stance on crypto will evolve, especially after the shift in political leadership. While former President Donald Trump advocated for a more crypto-friendly environment, Gensler’s tenure under the Biden administration was marked by stringent enforcement actions against crypto firms.