Acting SEC Chair Uyeda announces new crypto task force

• SEC acting chair Mark Uyeda has announced a crypto task force dubbed “SEC Crypto 2.0”
• The task force will look to establish a clear regulatory framework for cryptocurrencies.
• SEC Commissioner Hester Peirce will lead this task force.

The US Securities and Exchange Commission has announced the formation of a new crypto task force.

Acting SEC Chair Mark Uyeda launched the “SEC Crypto 2.0”, a task force the agency says will be “dedicated to developing a comprehensive and clear regulatory framework for crypto assets.”

The announcement comes days after it emerged the agency was looking for a crypto regulatoy approach reboot under President Donald Trump.

SEC acting chair forms crypto task force

According to a press release the regulatory published on Jan. 21, Commissioner Hester Peirce is set to lead the new task force. Crypto 2.0 aims at offering a path to regulatory clarity for the crypto industry, the SEC said in the release.

“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,” the statement reads in part.

SEC plans to coordinate with other federal agencies, including the Commodity Futures Trading Commission (CFTC). Collaboration will also involve both state and international counterparts.

“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. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation,” Commissioner Peirce stated.

SEC’s move comes a day after former chair Gary Gensler exited following his resignation. President Donald Trump appointed Uyeda the acting chair.

With Gensler heavily criticised for the commission’s regulation by enforcement approach and a lack of clear path to registration for crypto companies, the main goal of the task force is to clear the confusion. It will also help put in place “sensible disclosure frameworks” with the SEC eyeing public input on this. The Peirce-led team will also undertake roundtable meetings.