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U.S. SEC forms cryptocurrency task force
SEC forms cryptocurrency task force to create clear regulations, promote industry interests under Trump's administration.
The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. / REUTERS/Andrew Kelly/File Photo
The U.S. Securities and Exchange Commission said on Jan.21 that it was forming a new cryptocurrency task force to develop a comprehensive and clear regulatory framework for crypto assets.
President Donald Trump, a crypto entrepreneur, has pledged his new administration will work to promote the industry's interests, unlike the prior administration which had clashed with it.
Reuters reported this month that Commissioner Mark Uyeda, whom Trump on Jan.20 named acting SEC Chair, and fellow Republican Commissioner Hester Peirce, were planning an overhaul of the agency's crypto policies - including possible guidance on when the agency deems a token to be a security - starting as soon as this week.
The SEC said in a statement the task force aims to make comprehensive changes to how the agency approaches digital assets, including by providing regulatory clarity and making what it described as the judicious use of enforcement.
The Task Force will also help lawmakers as they draft crypto-related legislation while coordinating with other federal bodies, such as the Commodity Futures Trading Commission, as well as state and foreign agencies, it added.
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