Gary Gensler officially resigned only the president of the American Securities and Exchange (SEC) commission, but the Federal Agency’s approach to the Crypto already gets a overhaul.
The acting president, Mark Uyeda, announced Tuesday that the agency had created a cryptographic working group dedicated to “developing a complete and clear regulatory framework for cryptographic assets”. The working group will be led by Commissioner Hester Peirce, long -standing defender of the cryptography industry, and will work in close collaboration with the cryptographic industry to develop regulations. The working group will also work with Congress, providing “technical assistance” because it draws up cryptographic regulations.
The tone and content of the SEC Tuesday announcement indicate a radical change in the agency’s approach to cryptographic regulations under the new Trump administration.
“To date, the SEC is mainly based on implementing measures to regulate retroactive and reactive cryptography, often adopting new and not tested legal interpretations along the way,” the press release said. “The clarity of who must register and practical solutions for those who seek to register have been elusive. The result was a confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The dry can do better.
The new working group on the CRY Crypto will also coordinate with the Commodity Futures Trading Commission (CFTC) – which, under the supervision of former President Gensler and former president of the CFTC, Rostin Behnam, was locked up in competition With the dry on which the agency should be the main regulator of the cryptographic industry.
“This company will take time, patience and very hard work. He will only succeed if the working group has the contribution of a wide range of investors, participants in industry, academics and other interested parties. We look forward to working hand in hand with the public to promote a regulatory environment that protects investors, facilitates capital training, promotes market integrity and supports innovation, “said Commissioner Peirce in a press release.
The SEC previously published staff advice in 2019, although it has not been referenced or discussed a lot in the past five years.
