The US Securities and Exchange Commission is launching a crypto task force to clarify the rules of the road for digital assets.
In a press release, the agency said that pro-crypto commissioner Hester Peirce will lead the agency’s entire effort.
The move is in marked contrast to the SEC’s position under the Biden administration, which insisted the Securities Act of 1933 was sufficient to protect investors in the nascent industry.
Today, the SEC under Acting Chairman Mark T. Uyeda has a very different message.
“To date, the SEC has relied primarily on enforcement actions to retroactively and reactively regulate crypto, often adopting new and untested legal interpretations along the way. Clarity on who needs to register and practical solutions for those who want to register are elusive.
The result is confusion about what is legal, creating an environment hostile to innovation and conducive to fraud. The SEC can do better.
The focus of the Task Force will be on helping the Commission draw clear regulatory lines, provide realistic routes to registration, establish sensible disclosure frameworks and use enforcement resources wisely.”
Commissioner Peirce says the agency will work with Congress and industry leaders to support the sector while protecting investors.
“This undertaking will take time, patience and a lot of hard work. It will only succeed if the Task Force receives input from a wide range of investors, industry participants, academics and other interested parties.
We look forward to working closely with the public to promote a regulatory environment that protects investors, facilitates capital formation, promotes market integrity and supports innovation.”
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