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The US financial watchdog announced on Jan. 21 a task force aimed at developing a regulatory framework for digital assets.
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The US Securities and Exchange Commission has taken its first step toward crypto regulatory clarity following former Chair Gary Gensler’s departure on Jan. 20.
According to a Jan. 21 announcement, the agency is creating a crypto task force dedicated to developing a framework for digital assets. The task force will be led by Commissioner Hester Peirce, dubbed “Crypto Mom” for her pro-crypto stance when it comes to regulation.
The task force was announced by Commissioner Mark Uyeda, who is serving as acting SEC chairman until the US Senate confirms the nomination of former SEC Commissioner Paul Atkins to serve the remainder of former Chair Gensler’s term.
“The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously,” said the financial watchdog in a statement.
The task force includes Richard Gabbert and Taylor Asher as chief of staff and chief policy adviser, respectively. The newly formed group plans to host roundtable discussions and gather industry insights on regulatory challenges.
Related: Trump’s first day in office ends with no mention of crypto
According to the SEC, the group will work alongside federal departments and agencies, including the Commodity Futures Trading Commission — now led by Acting Chairman Caroline Pham — as well as state and international regulators.
The SEC has primarily relied on enforcement actions as a means of regulating the crypto industry. Under Gensler and Jay Clayton — the agency’s chairs during Trump’s first term — multiple enforcement actions were brought against crypto firms, some alleging unregistered securities.
The crackdown on crypto firms intensified during Joe Biden’s presidential administration following the collapse of crypto exchange FTX.
Trump’s second term is expected to lay out regulatory pathways for crypto businesses to comply with financial laws, including clearer rules on which tokens are classified as securities and federal agency oversight.
President Trump has been silent on crypto since taking office on Jan. 20. The industry continues to anticipate executive orders tied to his campaign promises, including the potential establishment of a federal Bitcoin (BTC) strategic reserve in the United States.
Related: Biden’s crypto legacy: A mixed bag as Trump takes office
This article first appeared at Cointelegraph.com News
