SEC Crypto Task Force Formed to Support Industry Regulation

Key Points:

• The U.S. SEC is launching a cryptocurrency-focused task force to develop a clear regulatory framework for digital assets.
• The SEC crypto task force will be led by Commissioner Hester Peirce, known for her pro-crypto stance, and will include senior advisors Richard Gabbert and Taylor Asher.

The U.S. Securities and Exchange Commission will form a cryptocurrency-focused task force to create a regulatory framework on digital assets following the resignation of former SEC Chairman Gary Gensler.

Read more: SEC Chair Gary Gensler Now Officially Resigns From His Position

SEC Creates Task Force to Regulate Cryptocurrency Market

With a well-known industry ally in Commissioner Hester Peirce, the SEC crypto task force will spearhead efforts to create clear and comprehensive regulations for crypto assets. The move is one of the biggest steps taken under the leadership of Acting Chair Mark Uyeda.

Peirce, who is often referred to as "Crypto Mom" for her dissenting views on prior enforcement actions against crypto firms by the SEC, will now oversee the efforts to lead the commission toward a balanced approach to digital asset regulation.

The agency announced that Richard Gabbert, Senior Advisor to the Acting Chairman, and Taylor Asher, Senior Policy Advisor, will assume roles as Chief of Staff and Chief Policy Advisor for the SEC crypto task force, respectively. They will work with SEC staff and engage with the public to formulate sensible regulatory policies that are in line with the law.

SEC Crypto Task Force To Delineate Clear Rules on Crypto Sector

The objectives of the SEC crypto task force are to have clear lines of regulation, provide routes to registration, create disclosure frameworks, and efficient resource management for enforcing it all.

Crypto has received the most criticism lately, with the sector witnessing a series of lawsuits targeting the large crypto exchange platforms Coinbase and Kraken during former President Joe Biden's stay in SEC.