Trump’s U.S. Securities and Exchange Commission has begun its reboot with a dedicated effort to resolve the regulatory ambiguity surrounding cryptocurrencies that persisted under the previous administration.
“The SEC can do better” read a Jan. 21 statement announcing the creation of a crypto task force by Mark Uyeda, the acting chair of the Securities and Exchange Commission.
Chair Uyeda stated that the task force’s primary goal will be “developing a comprehensive and clear regulatory framework” for crypto assets. The initiative will be led by SEC commissioner Hester Peirce, who urged the public to collaborate with the SEC in shaping defined crypto rules but warned that the process would require time and effort.
This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties.
Hester Peirce, SEC commissioner and crypto task force coordination
The task force was announced a day after former SEC chair Gary Gensler exited the agency, and President Donald Trump selected Uyeda as interim chair. Both Uyeda and Peirce were in contention for the chair position, being both Republican commissioners and anti-regulation-by-enforcement-action.
However, President Trump nominated former SEC commissioner Paul Atkins as the next Securities Commission boss. The pick is subject to approval from the U.S. Senate.
During his campaign, Trump vowed to end sweeping crypto crackdowns, and reports suggest the SEC may dismiss certain digital asset-related litigations that do not involve financial fraud. While it is still early days, the “SEC 2.0” appears to be charting a course long suggested by the crypto industry, one focused on clarifying regulatory oversight and establishing guidelines for cryptocurrencies and digital assets.
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