Trump’s SEC launches a ‘crypto task force’ to develop clear regulations for the industry
US Securities and Exchange Commission (SEC) Commissioner Mark Uyeda speaks at the 2024 Financial Markets Quality Conference in Washington, DC, US, Tuesday, September 17, 2024.
Al Drago Bloomberg | Getty Images
The Trump administration took the first steps on Tuesday to lower the expected regulatory barriers to cryptocurrency.
In a long-awaited move from the digital assets industry, Securities and Exchange Commission acting chairman Mark Uyeda announced the launch of a “crypto task force” aimed at “developing a comprehensive and transparent regulatory framework for crypto assets.”
During his presidential campaign, Trump promised crypto-friendly governance for the $3.7 trillion industry.
Although Uyeda announced the initiative, it will be led by SEC Commissioner Hester Pierce. Uyeda will hold the chair until Paul Atkins gets the confirmation process and enforcement resources in place.
According to the SEC announcement, the task of the panel will be to develop clear rules regarding the registration of coins.
“We look forward to working hand-in-hand with the public to create a regulatory environment that protects investors, facilitates capital formation, promotes market integrity and supports innovation,” Pearce said.
Bitcoin rallied on the announcement, rising some 2.4% to over $106,000.
Just before his inauguration, Trump expressed his support for digital currencies by releasing his own meme coin called $TRUMP, which First Lady Melania Trump called $Melania. Both indicators showed a quick rise in price before moving back sharply lower.
The White House’s stance on crypto is vastly different from when Joe Biden was president. Then-SEC Chairman Gary Gensler was seen as an industry foe.
During his time on the commission, Gensler opposed efforts to establish crypto exchange-traded funds, passed tougher accounting policies, and brought enforcement charges against industry leaders.
The task force plans to hold public meetings and solicit input from the industry.
“This task will require time, patience and a lot of effort. It will only be successful if the task force receives input from a diverse range of investors, industry participants, academics and other interested parties,” Pearce said.
