Just a day after Donald Trump’s inauguration ceremony, newly-appointed SEC Acting Chairman Mark T. Uyeda announced the formation of a new crypto task force. Commissioner Hester Peirce will lead the newly formed branch to bring structure and transparency to the agency’s approach to digital assets.
SEC’s First Step Toward Regulatory Clarity
The announcement can finally provide relief to crypto innovations, providing them a clear pathway to establish and run their crypto-related operations. For years, the agency has largely relied on enforcement actions to regulate the crypto space, however, this approach often left market participants uncertain about compliance requirements.
But now, the newly formed task force under SEC’s guidelines strives to reduce the crypto sector’s burden by defining clear regulatory guidelines, including “realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”
“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 in a press release.
The task force will be staffed by experts from across the SEC and will be guided by Richard Gabbert (Chief of Staff) and Taylor Asher (Chief Policy Advisor). It will also work closely with other federal and international agencies, including the Commodity Futures Trading Commission. The task force plans to hold industry roundtable discussions in the future to gather public opinion.
Also Read: Banking Sector Set To Embrace Crypto: Bank of America CEO
Source: https://www.cryptonewsz.com/sec-launches-crypto-task-force-regulations/