This move comes following the resignation of former SEC Chair Gary Gensler, who was known for his skeptical stance toward the crypto industry.
Now under Acting Chair Mark Uyeda, the SEC stated that the task force aims to provide “comprehensive and clear” guidelines for the cryptocurrency sector. Commissioner Hester Peirce, widely recognized as “Crypto Mom” for her advocacy of crypto innovation and her opposition to strict enforcement actions, will lead the initiative.
Under Gensler’s leadership, the SEC faced criticism from crypto companies for its enforcement-heavy approach, which they argued lacked the clarity needed to ensure compliance.
“The result has been confusion about what is legal, creating an environment hostile to innovation and conducive to fraud. The SEC can do better,” the agency said in its announcement.
The task force will collaborate with Congress and other regulatory bodies, including the Commodity Futures Trading Commission (CFTC), with which the SEC has long debated jurisdiction over the crypto market.
Meanwhile, President Donald Trump has nominated former SEC Commissioner Paul Atkins to serve as the agency’s next chair. However, his confirmation hearing has yet to be scheduled in the Senate.
With Peirce at the helm, the crypto industry is hopeful that the task force will pave the way for balanced regulations that promote innovation while protecting investors. This marks a significant shift in the SEC’s approach to cryptocurrency, signaling potential changes in how the industry is regulated moving forward.
