Under the administration of its acting chairman, Mark Uyeda, the U.S. Securities and Exchange Commission (SEC) is set to establish a new task force solely to create clear and comprehensive crypto asset regulations. The task force will correct the previous SEC leaders’ crypto wrongs while maintaining the law’s bounds.
According to the agency, Commissioner Hester Peirce will head the task force. Richard Gabbert will serve as the Acting Chairman’s senior advisor. At the same time, Taylor Asher will serve as the task force’s chief of staff and chief policy advisor and will continue to advise the acting chairman on policy.
Uyeda Introduces Changes
Agreeably, former SEC Chairman Gary Gensler did not support crypto adoption in America during his tenure. In many ways, he raised cases against many crypto firms in the U.S. Thus, during President Trump’s campaign, promising to sack him was an effective way to win the support of the crypto community. Meanwhile, Gensler willingly stepped down a few hours after the inauguration on Monday.
Under the past administration, the SEC has mainly regulated cryptocurrency firms by issuing punishments after they have already taken action. This approach has resulted in uncertain and inconsistent rules, as companies are confused about when and how to register with the SEC and which actions to take that won’t violate regulations. Notably, the perplexity creates an environment that discourages innovation and encourages fraudulence.
In contrast, the new task force will ensure that the agency establishes clear regulations, provides practical registration paths, creates sensible disclosure frameworks, and uses enforcement resources effectively to promote clarity and compliance.
“I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices,” Uyeda said.
The task force will also follow Congress laws while assisting in making changes and collaborating with other agencies like the Commodity Futures Trading Commission (CFTC) to achieve its goal.
A New Crypto America
Following Trump’s inauguration, the American crypto framework is about to change. In addition to pronouncing crypto support, he has set up a crypto project known as World Liberty Financial (WLFI) and launched a new memecoin a few days before his inauguration.
Meanwhile, investors have acquired bitcoin (BTC) in anticipation of his crypto-friendly administration, pushing the crypto to a new all-time high of $109,800 on Monday.
