Investing.com -- The U.S. Securities and Exchange Commission (SEC) announced on Tuesday the formation of a new task force dedicated to developing a comprehensive and clear regulatory framework for cryptocurrency assets. The primary focus of this task force will be to assist the Commission in defining clear regulatory boundaries, offering realistic registration pathways, creating sensible disclosure frameworks, and judiciously deploying enforcement resources, according to the SEC's statement.
SEC Acting Chairman Mark T. Uyeda initiated the crypto task force, which will be led by Commissioner Hester Peirce. Richard Gabbert, Senior Advisor to the Acting Chairman, and Taylor Asher, Senior Policy Advisor to the Acting Chairman, will serve as the task force’s Chief of Staff and Chief Policy Advisor, respectively.
The task force plans to collaborate with staff from across the agency and the public to guide the SEC towards a sensible regulatory path that respects the law. Until now, the SEC has primarily relied on enforcement actions to retroactively and reactively regulate crypto, often adopting novel and untested legal interpretations. This approach has led to confusion about what is legal, creating an environment not conducive to innovation and prone to fraud.
The task force will work within the legislative framework provided by Congress and will coordinate the provision of technical assistance to Congress as it makes changes to that framework. It will also coordinate with federal departments and agencies, including the Commodity Futures Trading Commission, and state and international counterparts.
Acting Chairman Uyeda expressed his anticipation for Commissioner Peirce's leadership on crypto regulatory policy, a task that involves multiple SEC divisions and offices. Commissioner Peirce stated the success of this project will require time, patience, and hard work, and will only be possible with input from a wide range of investors, industry participants, academics, and other interested parties. The goal is to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.
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