Acting SEC chair Uyeda launches crypto task force

Trump’s U.S. Securities and Exchange Commission has begun its reboot by working to resolve the regulatory ambiguity surrounding cryptocurrencies that persisted under the previous administration.

“The SEC can do better,” read a January 21 article. statement announcing the creation of a crypto task force by Mark Uyeda, acting chairman of the Securities and Exchange Commission.

President Uyeda said the main objective of the task force will be to “develop a comprehensive and clear regulatory framework” for crypto assets. The initiative will be led by SEC Commissioner Hester Peirce, who urged the public to work with the SEC to develop defined crypto rules, but warned that the process would require time and effort.

This endeavor will take time, patience and a lot of hard work. It will only be successful if the working group benefits from input from a broad range of investors, industry participants, academics and other interested parties.

Hester Peirce, SEC Commissioner and Coordinator of the Crypto Task Force

The task force was announced a day after former SEC Chairman Gary Gensler left the agency and President Donald Trump left the agency. selected Uyeda as interim president. Both Uyeda and Peirce were in the running for president, both being Republican commissioners and anti-regulation by enforcement action.

However, President Trump appointed former SEC Commissioner Paul Atkins as the next head of the Securities Commission. The choice is subject to approval by the US Senate.

During his campaign, Trump pledged to end the sweeping crypto crackdown, and reports suggest the SEC may dismiss some digital asset litigation that does not involve financial fraud. Although it is still in its infancy, “SEC 2.0” appears to chart a path long suggested by the crypto industry, focused on clarifying regulatory oversight and establishing guidelines for cryptocurrencies and digital assets.