Breaking: US SEC launches crypto task force to form regulatory framework

• The United States might finally get new regulation tailed for digital assets as the SEC forms a new task force.
• The task force is spearheaded by pro-crypto commissioner – Hester Pierce

The United States Securities and Exchanges Commission (SEC) has announced the formation of a cryptocurrency task force. This task force will be dedicated to introducing the much awaited regulatory framework for cryptocurrencies. Interestingly, the announcement comes a day after the SEC’s infamous head Gary Gensler resigned from his position. This was followed by pro-crypto President Donal Trump appointing Mark Uyeda as the acting chairman of the commission.

Notably, it would be spearheaded by Hester Peirce, a long-term crypto-ally. The SEC commissioner first made headlines for rallying in support of Bitcoin Exchange-Traded Funds (ETFs) and her pro-crypto stance has even earned her the nomenclature “crypto-mom”. The official press release read,

“Today SEC Acting Chairman Mark T. Uyeda launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets. Commissioner Hester Peirce will lead the task force. 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.”

Notably, this regulatory change could bring a fresh perspective after the legal battle between top crypto exchange – Coinbase and SEC led to the exchanges partial win. The exchange took the regulator to court after it had refused to explain how the securities law applied to the crypto market. Additionally, it has also argued for a change in the rules in the case of digital assets claiming that the existing laws do not work for cryptocurrencies.

Acknowledging this point, SEC said,  “to set the SEC on a sensible regulatory path that respects the bounds of the law. To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way. Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive.”

Trump’s pro-crypto stance brings new life to the market

Notably, the task force’s formation comes to light days after President Donald Trump and America’s first lady Melania Trump launched his own meme coin. The meme coins dubbed TRUMP and MELANIA have garnered lot of attention since it’s launch.

TRUMP entering the to top 20 league soon after launch. The coin, which opened at $10, reached a high of $75.35. However, it has failed to maintain the level and the momentum. At press time, according to CoinMarketCap, the President’s meme coin was trading at the 23rd spot with a market cap of $8.39 billion. TRUMP was priced at $41.96 with a trade volume of $20.7 billion.

Meanwhile, MELANIA was trading at $4.08 with a market cap of $784.4 million. The coin is ranked at 111 and has registered a massive downfall of over 26% over the last day while the 7-day chart showed a drop of over 44%.