Commissioner Peirce says SEC is evaluating ‘retroactive relief’ for past coin offerings

Hester Peirce said the US Securities and Exchange Commission (SEC) is carving out a new path for the cryptocurrency sector, including evaluating the security status of crypto assets and potentially providing “retroactive relief” for certain token offerings. 

According to a Feb. 4 statement issued by SEC Commissioner Peirce, the White House’s newly announced Crypto Task Force will embark on a new path for regulating the cryptocurrency sector.

The Task Force is “recommending Commission action to provide temporary prospective and retroactive relief for coin or token offerings” under certain conditions, including providing and updating specified information and agreeing “not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset,” Peirce said.

Peirce also said the Task Force is reconsidering whether certain assets are securities.

“The status of crypto assets under the securities laws is fundamental to resolving many other questions. The Task Force is working hard to examine different types of crypto assets,” Peirce said.

This is a developing story, and further information will be added as it becomes available.