The newly appointed and pro-crypto acting chairman of the US Securities and Exchange Commission (SEC), Mark Uyeda, has announced the formation of a dedicated Digital Assets Task Force aimed at establishing a clear regulatory framework for the industry.
This initiative follows years of heavy criticism against the regulator led by its former chair, Gary Gensler, for its reactive approach to regulating the crypto market, relying predominantly on enforcement actions rather than proactive guidance.
Aiming For Clarity And Innovation
Commissioner Hester Peirce, also known for her pro-crypto stance, will lead this task force, which also includes Richard Gabbert as Chief of Staff and Taylor Asher as Chief Policy Advisor. They will work together to create a regulatory environment that not only protects investors but also fosters innovation in the industry.
The primary objectives of the task force are to delineate clear regulatory lines, establish realistic pathways for registration, and develop sensible disclosure frameworks.
By doing so, the SEC aims to provide the crypto market with the guidance it has long sought, moving away from a model centered on enforcement and toward one grounded in collaboration and clarity.
Acting Chairman Uyeda emphasized the collaborative nature of this initiative, stating, “I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices.”
Peirce Calls For Collaboration In SEC’s New Crypto Task Force
Commissioner Peirce echoed Uyeda’s statement, acknowledging that the task force’s success hinges on input from a diverse range of stakeholders, including investors, industry participants, and academics. Peirce also noted:
This undertaking will take time, patience, and much hard work. 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.
The regulator further unveiled that the task force will also operate within the statutory framework established by Congress and will coordinate with other federal agencies, such as the Commodity Futures Trading Commission (CFTC), as well as state and international regulators.
Featured image from DALL-E, chart from TradingView.com
