The U.S. Securities and Exchange Commission (SEC) is moving to establish a clear regulatory framework for digital assets. In a significant shift, the new leadership has created a task force to guide the development of future crypto policy.
Republican Commissioner Mark Uyeda, who became acting SEC chair, and fellow Republican Commissioner Hester Peirce, are leading the charge. Their efforts mark a key policy victory for the crypto industry under the new administration.
“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.
The crypto industry has voiced the need for explicit rules for some time, as companies navigate the uncertain regulatory landscape. Several crypto firms, including Coinbase and Kraken, have faced lawsuits alleging violations of existing SEC rules.
“We are encouraged by this meaningful first step towards real policy solutions and ending the regulation by enforcement era of the past,” stated Jonathan Jachym, global head of policy at Kraken. “We look forward to accelerating our policy engagement … to establish regulatory clarity.”
The SEC’s newly formed task force will also work with lawmakers drafting crypto-related legislation. Additionally, the task force will coordinate with other federal bodies, such as the Commodity Futures Trading Commission, as well as state and foreign agencies.
“We have been saying for years to help us by crafting rules for crypto. Over the last four years, the answer was resoundingly ‘no’,” said Paul Grewal, Chief Legal Officer at Coinbase. “It is a new day.”
