Following the SEC debacle in regulating crypto under the direction of Chairman Gary Gensler, acting SEC Chair Mark Uyeda has announced a new Crypto Task Force. Uyeda was just announced as the temporary Chair to lead the Commission.
Following his selection, Acting Chair Uyeda said the crypto task force would seek to develop a comprehensive regulatory framework for digital assets. The Task Force will be led by Commissioner Hester Peirce, well known for her advocacy of rules for the crypto industry.
Other members of the Crypto Task Force include Richard Gabbert, Senior Advisor to the Acting Chairman, and Taylor Asher, Senior Policy Advisor to the Acting Chairman, who will serve as the task force’s Chief of Staff and Chief Policy Advisor, respectively.
The Task Force is expected to collaborate with Commission staff and the public to set the SEC on a sensible regulatory path that respects the bounds of the law.
The announcement noted the “regulation by enforcement” pursued during the Gensler tenure and its obvious failures.
” The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The SEC can do better.”
The Task Force’s focus will be to:
“… help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”
Uyeda said he looked forward to Commissioner Peirce’s recommendations.
“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties. 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,” stated Commissioner Peirce.
The Crypto Task Force is currently accepting public input at Crypto@sec.gov.
Chairman @RepFrenchHill: “I am pleased to see @SECgov form a crypto task force. This is the first step in undoing the immense harm caused by former Chair Gary Gensler and his regulation by enforcement approach. This action sends a clear message to the world that when it comes to… pic.twitter.com/SvYfP5kboc
— Financial Services GOP (@FinancialCmte) January 21, 2025
