SEC Forms New Crypto Task Force
The U.S. Securities and Exchange Commission (SEC) said Tuesday that it has created a cryptocurrency task force to develop a regulatory framework for digital assets.
The new task force is intended to help the SEC move away from its prior reliance on enforcement actions that have been heavily criticized by crypto companies and market participants, according to an announcement by Acting SEC Chairman Mark Uyeda. Udeya was appointed to head the agency after former Chair Gary Gensler stepped down.
The new focus is likely to include an attempt to more clearly «draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.»
Coordination with other federal agencies including the Commodity Futures Trading Commission (CFTC), state regulators, and international counterparts also will be a key priority for the task force, the SEC said.
The initiative will be led by SEC Commissioner Hester Peirce. Peirce, even though she doesn't quite agree with it, has earned the nickname «Crypto Mom» from the industry for her support of crypto and her sharp opposition to the agency's enforcement-driven approach under former Chair Gensler.
Additionally, the task force will engage with a broad spectrum of stakeholders—including investors, academics, and industry leaders—in an effort to foster an environment that balances investor protection, market integrity, and innovation, Peirce is quoted as saying in the announcement.
Since being appointed an SEC commissioner by President Donald Trump in early 2018, Peirce routinely has espoused her belief that greater regulatory clarity is needed for the crypto industry to thrive in the U.S.Peirce also published a
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