YEREVAN (CoinChapter.com) — The U.S. Securities and Exchange Commission (SEC) has established a task force to develop clear regulations for cryptocurrencies. Acting SEC Chair Mark Uyeda announced this on January 21, 2025, indicating a focus on regulatory clarity under the Trump administration.
SEC Crypto Task Force to Develop Clear Guidelines
The SEC’s new crypto task force will work towards creating a comprehensive framework for the cryptocurrency industry. Commissioner Hester Peirce, known for her support of cryptocurrencies, will lead the initiative. The task force will prioritize resolving issues related to coin registration and disclosure requirements.
The task force will also collaborate with federal agencies such as the Commodity Futures Trading Commission (CFTC), state regulators, and international counterparts. This collaboration aims to establish clear regulatory boundaries and ensure practical compliance solutions, as stated in the SEC announcement.
Shift from Previous SEC Policies
This approach represents a departure from the SEC’s previous reliance on enforcement-driven policies. During Gary Gensler’s tenure as SEC Chair, the agency filed several lawsuits against cryptocurrency companies, including Coinbase and Ripple, while rejecting proposals for cryptocurrency exchange-traded funds. Critics of the enforcement approach argued that it created uncertainty within the industry.
Under the Trump administration, a noticeable change in tone is evident. Prior to his inauguration, President Trump introduced a meme coin, $TRUMP, while First Lady Melania Trump launched $Melania. Both tokens initially gained value before experiencing a drop.
Positive Market Response
The announcement of the task force has been met with optimism in the cryptocurrency market. Bitcoin saw a 2.4% increase, reaching over $106,000. The industry views this initiative as a step towards reducing ambiguity in regulatory processes.
Public Engagement and Collaboration
The SEC plans to incorporate a wide range of perspectives in shaping the regulations. The task force will conduct public hearings and has invited stakeholders, including investors, academics, and industry leaders, to provide input via[email protected].
Additionally, the task force will offer technical assistance to Congress for potential updates to legislative frameworks. Richard Gabbert, Senior Advisor to the Acting Chairman, and Taylor Asher, Senior Policy Advisor, will support Peirce in overseeing the initiative.
The SEC emphasized the importance of transparency, stating, “We look forward to working closely with the public to foster a regulatory environment that safeguards investors, facilitates capital formation, promotes market integrity, and supports innovation.”
The task force will collaborate with the CFTC, state regulators, and international organizations to ensure consistency in its approach. This collaboration aims to minimize regulatory overlaps and enhance clarity for market participants.