The day after Gary Gensler left his position and President Donald Trump was inaugurated, the U.S. Securities and Exchange Commission introduced a new cryptocurrency task force. This announcement, made today, criticized the regulator’s previous actions led by Gary Gensler. Hester Peirce of the SEC will head the task force aimed at setting a practical regulatory approach for the commission.
Acting Chair Uyeda Announces SEC Crypto 2.0
The U.S. Securities and Exchange Commission (SEC) has created a new task force focused on cryptocurrency regulations. This move was announced just a day after the controversial SEC leader, Gary Gensler, resigned. The new acting chairman, Marl Uyeda, was appointed by President Donald Trump.
Hester Peirce, known for her supportive views on cryptocurrency, will lead the task force. Her favorable approach towards crypto has even earned her the nickname “crypto-mom”. The SEC said that Crypto 2.0 is designed to provide clear regulatory guidelines for the cryptocurrency industry.
The SEC said in a statement, “To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way. Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive.”
Uyeda has criticized the SEC’s handling of cryptocurrencies as problematic, calling for clearer guidance. Peirce has also criticized the agency and suggested a three-year “safe harbor” for blockchain projects to develop without strict federal securities law adherence.
Richard Gabbert and Taylor Asher, advisors to Uyeda, will hold key positions in the new task force, which will focus on clear regulations, realistic registration paths, and proper enforcement. The task force will also host roundtables and adhere to the legal frameworks provided by Congress.
