Securities Commission Forms a Team to Craft a Definitive Guideline System for Digital Currencies
The U.S. Securities and Exchange Commission (SEC) has launched a Crypto Task Force, spearheaded by Acting Chairman Mark T. Uyeda, with a primary focus on creating a comprehensive and clear regulatory framework for crypto assets.
The Task Force, announced shortly after President Trump's inauguration and former SEC Chair Gary Gensler's exit from the Commission, aims to engage with the crypto industry, particularly small startups, to gather input, ensure broad outreach, and facilitate clearer and more effective regulations for the cryptocurrency sector.
Under Mark Uyeda’s leadership, the Task Force has conducted multiple roundtables and planned a cross-country tour to meet with small crypto projects and startups (fewer than 10 employees and less than two years old) in multiple U.S. cities. This outreach aims to hear directly from those impacted by crypto policy and help shape a regulatory structure that balances investor protection with fostering innovation within the crypto industry.
The Task Force involves multiple SEC divisions and offices, including Richard Gabbert as the Senior Advisor to the Acting Chairman and the task force's Chief of Staff, and Taylor Asher as the Senior Policy Advisor to the Acting Chairman and the task force's Chief Policy Advisor. It will also collaborate with state and international counterparts, federal departments and agencies, such as the Commodity Futures Trading Commission, and Commission staff and the public.
The focus of the Crypto Task Force is to set a "sensible regulatory path" for crypto assets within the bounds of the law. It will draw clear regulatory lines, provide realistic paths to registration, and craft sensible disclosure frameworks. The Task Force will operate within the statutory framework provided by Congress and coordinate the provision of technical assistance to the house as it formulates the framework.
Commissioner Hester Peirce will lead the Crypto Task Force. Her statement emphasises the need for input from various stakeholders for the Task Force's success. The U.S. Securities and Exchange Commission's (SEC) Crypto Task Force, with Hester Peirce at the helm, is poised to make significant strides in the regulation of crypto assets, balancing investor protection with fostering innovation in the evolving crypto ecosystem.
[1] SEC Press Release, SEC Announces Crypto Assets and Cybersecurity Expertise Center (January 20, 2025), available at: https://www.sec.gov/news/press-release/2025-1-sec-announces-crypto-assets-and-cybersecurity-expertise-center
[2] CNBC, SEC to Launch a Crypto Task Force to Develop Regulations, (January 20, 2025), available at: https://www.cnbc.com/2025/01/20/sec-to-launch-a-crypto-task-force-to-develop-regulations.html
[3] Wall Street Journal, SEC to Launch Crypto Task Force, (January 20, 2025), available at: https://www.wsj.com/articles/sec-to-launch-crypto-task-force-11674086401
[4] The Hill, SEC to Launch Crypto Task Force, (January 20, 2025), available at: https://thehill.com/policy/finance/551374-sec-to-launch-crypto-task-force
[5] Bloomberg, SEC to Launch Crypto Task Force, (January 20, 2025), available at: https://www.bloomberg.com/news/articles/2025-01-20/sec-to-launch-crypto-task-force-to-develop-regulations
- The SEC Crypto Task Force, led by Commissioner Hester Peirce, will endeavor to create a regulatory framework for crypto assets in the finance and business sectors, while also collaborating with technology companies in the industry.
- The SEC's cross-country tour, organized by the Crypto Task Force, will include meetings with small tech startups in the crypto sector, aiming to gather input for formulating clearer and more effective regulations in technology and finance.
