The US Securities and Exchange Commission (SEC) has launched a crypto task force aiming to develop a clear and thorough regulatory framework for cryptocurrency.
The initiative will “draw from talented staff across the agency,” and specifically work for the development of the asset class, helping the Commission to “draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously”.
The initiative has been introduced by Mark Uyeda who was appointed acting SEC chair earlier this week by the new US administration, while commissioner Hester Peirce will lead the task force.
The key factor is set to be clarity around who should register and, importantly, how. As part of the crypto task force, the SEC is set to hold roundtables for market participants.
“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,” said Peirce.
“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.”
Read more: Gensler alludes to departure from SEC
Mark Uyeda was appointed acting chair of the SEC on 21 January by the new US administration. Speaking about his temporary role, he highlighted the important role the position plays in “promoting innovation, jobs creation, and the American Dream”.
He added: “I am honoured to serve in this capacity after serving as a Commissioner since 2022, and a member of the staff since 2006. I have great respect for the knowledge, expertise, and experience of the agency and its people.”
Paul Atkins was named chair of the US SEC following confirmation of Gary Gensler’s departure back in December 2023.
Atkins was initially appointed by President George W. Bush as a commissioner of the SEC on 29 July 2002, where he served until August 2008.
Uyeda will hold this office until Atkins officially assumes the position later this year.