SEC launches crypto-acture under the direction of “Crypto Mom” Hester Peirce
After the resignation of the former chairman Gary Gensler, the US value paper and stock exchange supervisory authority took a first step towards clear crypto regulation on January 20.
Sea The authority will set up a crypto-task force to develop a framework for digital assets. The Task Force is headed by Commissioner Hester Peirce, which is often referred to as “Crypto Mom” due to its supportive attitude towards cryptocurrency regulations
The Task Force was announced by Commissioner Mark Uyeda, who was incumbent second chairman acts until the US Senate confirms the nomination of the former SEC commissioner Paul Atkins for the remaining term of the former chairman Gensler.
“The Task Force will concentrate on helping the Commission to draw clear regulatory limits, to create realistic ways to register, to design reasonable transparency frames and to use the enforcement resources properly,” said the financial supervisory authority in a statement.
The Task Force belongs to Richard Gabbert as chief of staff and Taylor Asher as a senior political consultant. The newly formed group plans to organize round table talks and to collect the knowledge of the industry about the challenges of regulation.
According to the SEC, the group will work with federal ministries and authorities, including the Commodity Futures Trading Commission – currently is managed by the incumbent chairman Caroline Pham – as well as with state and international regulatory authorities.
When regulating the crypto industry, the SEC mainly relied on enforcement measures. Under Gensler and Jay Clayton – the chairman of the authority during Trump's first term – several enforcement measures against crypto companies were initiated. Some companies were accused of having sold not registered securities.
The hard approach to crypto companies was tightened during the term of office by President Joe Biden after the collapse of the crypto tour FTX.
It is expected that Trump's second term of office shows regulatory ways for crypto companies to comply with the financial laws, including clearer rules about which tokens are classified as securities and the supervision of the federal authorities.
President Trump has since taken office on January 20 not too cryptocurrencies expressed. The industry continues to expect implementation regulations to enroll its election campaign promises, including the possible establishment of a strategic bitcoin (BTC) Reserve in the United States.
