U.S. SEC Announces Crypto Task Force to Regulate Crypto Assets

Mark Uyeda, the acting chairman of the United States Securities and Exchange Commission (SEC), has created a new crypto task force to address the need for clear crypto-focused rules. The move came on Uyeda’s first day leading the regulatory agency.

Crypto-Focused Task Force

Under former SEC chairman Gary Gensler, the financial agency used enforcement actions and retroactive measures, which have caused confusion in the crypto industry. Many crypto-based companies struggled to understand which rules apply to them, hindering innovation.

However, the newly formed task force aims to create clear, effective regulations aligning with current laws. This way, the financial watchdog intends to provide detailed guidelines and practical solutions for companies to register, as well as an easy-to-follow framework. The task force also plans to use enforcement resources wisely and ensure that regulatory actions are fair and effective.

The task force will collaborate with other federal agencies, such as the Commodity Futures Trading Commission (CFTC) and international organizations, to create balanced regulations.

SEC Commissioner Hester Peirce will lead the task force. Other team members include senior advisors like Richard Gabbert and Taylor Asher, who will help with policy development. The task force will collaborate with various SEC divisions and tap into the expertise of the regulatory agency’s staff.

More Government Members Embracing Crypto

Donald Trump’s emergence as U.S. president has set a precedent in the country, triggering many Americans’ interest in digital assets like Bitcoin. Over the past few weeks, various government offices have signaled interest in cryptocurrencies. For example, the U.S. Senate Banking Committee revealed the potential launch of the first-ever crypto subcommittee. The state-of-the-art move, announced by its presiding chairman, will likely see pro-Bitcoin Cynthia Lummis lead the subcommittee.

In other news, the second-leading bank by assets under management, Bank of America, disclosed plans to use crypto as a payment option if regulators approve it.