Trump’s administration has taken no time to deliver on its crypto promises. Within 48 hours of President Trump’s inauguration, the SEC announced a major cryptocurrency market regulation initiative.
Acting SEC Chairman Mark Uyeda announced the launch of a crypto task force in a press release on January 21. The task force will oversee the development of a comprehensive and transparent regulatory framework for crypto assets.
Uyeda pointed out that confusion about what is legal in the crypto market comes from unclear rules. He claims the SEC has largely been retroactive and reactive in enforcing regulations, saying, “The SEC can do better.”
According to the Acting Chairman, “The Task Force will focus on helping the Commission establish clear regulatory boundaries, create realistic paths for registration, develop sensible disclosure frameworks, and allocate enforcement resources wisely.”
Commissioner Hester Pierce to Lead This New Task Force
Commissioner Hester Pierce will be the frontrunner for leadership positions. Richard Gabbert and Taylor Asher, two senior advisors to the acting chairman, will serve as Chief of Staff and Chief Policy Advisor, respectively.
The Acting SEC Chairman mentions that the efforts to regulate crypto assets will be a collaboration between the government and the public. He hopes this collaboration will “set the SEC on a sensible regulatory path that respects the bounds of the law.”
In a show of confidence, the Acting SEC Chairman told the press, “I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices.”
Commissioner Pierce stated that this new undertaking would take time and patience. She emphasized that the success of this mission rests on collaboration and input from different sectors.
