The U.S. Securities and Exchange Commission (SEC) has taken its first major step toward overhauling crypto policy by forming a task force. The initiative, launched on Tuesday, aims to develop a clear regulatory framework for digital assets.
This move signifies a significant shift from the previous administration’s approach and aligns with President Donald Trump’s campaign promises to support the crypto industry. Trump had pledged to reverse the regulatory crackdowns initiated by the former SEC, which had led to lawsuits against several crypto companies, including Coinbase and Kraken.
Industry leaders have long advocated for clear cryptocurrency regulations, arguing that existing SEC rules are often ambiguous when applied to crypto tokens. The task force, led by Republican Commissioners Mark Uyeda and Hester Peirce, marks a positive development for the crypto sector.
“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,” according to a statement from Uyeda’s office.
Reuters reported earlier this month that Uyeda and Peirce were preparing to launch Trump’s crypto policy overhaul, including initiating the rule-making process. Further executive orders are expected to be issued soon, aimed at reducing regulatory scrutiny and encouraging the adoption of digital assets.
“We are encouraged by this meaningful first step towards real policy solutions and ending the regulation by enforcement era of the past,” said Jonathan Jachym, global head of policy at Kraken, in an email statement. “We look forward to accelerating our policy engagement … to establish regulatory clarity.”
Bitcoin hit a fresh record high on Monday, reflecting investor enthusiasm regarding the administration’s crypto-friendly stance. The task force will also collaborate with lawmakers on crypto-related legislation and coordinate with other federal, state, and international bodies, including the Commodity Futures Trading Commission.
Paul Grewal, Chief Legal Officer at Coinbase, welcomed the SEC’s action.
“We have been saying for years to help us by crafting rules for crypto. Over the last four years, the answer was resoundingly ‘no,'” Grewal said in a phone interview. “It is a new day.”
