- Acting SEC Chairman Mark Uyeda has launched a crypto task force to provide a comprehensive regulatory framework for digital assets.
- Pro-crypto commissioner Hester Peirce was tasked with leading the new unit.
- The crypto market remained fairly stable as Bitcoin consolidated below $110,000.
Bitcoin (BTC) and the crypto market saw an uptick after Acting Securities & Exchange Commission (SEC) Chairman Mark Uyeda announced the creation of a crypto task force on Tuesday , led by Commissioner Hester Peirce, aimed at guiding the agency toward a more practical regulatory framework for digital assets.
Hester Peirce is set to lead the new crypto task force launched by Acting SEC Chairman Mark Uyeda.
Acting SEC Chairman Mark Uyeda has taken a first step toward a clearer regulatory process for the crypto industry following the launch of a crypto task force.
According to a press release from the SEC, the new initiative aims to develop a comprehensive framework for digital assets. SEC Chairman Uyeda intends to use this to address the agency’s old “regulation by enforcement” approach.
“The Task Force will work with Commission staff and the public to place the SEC on a reasonable regulatory path that respects the limits of the law,” the SEC said in its press release.
Pro-crypto Commissioner Hester Peirce will lead the task force and work with Commissioners Richard Gabbert and Taylor Asher to put the agency on a “reasonable regulatory path.”
The unit will also collaborate with federal agencies such as the Commodity Futures Trading Commission (CFTC) — under the leadership of new Acting Chair Caroline Pham — and operate within the statutory framework of Congress.
Furthermore, Commissioner Peirce said that public input is also welcome, as the unit aims for a transparent regulatory environment for investors.
“We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, promotes market integrity and supports innovation,” said Commissioner Peirce.
The new initiative is part of the Acting SEC Chairman’s commitment to fostering an appropriate regulatory environment for the crypto industry.
Following Donald Trump’s inauguration on Monday, Mark Uyeda was announced as the Commission’s acting chairman.
Uyeda shared his desire to work with the new president to create a better regulatory outlook for crypto to undo the damage caused by the previous administration. He replaced former SEC Chairman Gary Gensler, who retired from the agency on Trump’s inauguration day.
Meanwhile, Bitcoin and the broader crypto market have remained fairly quiet following Trump’s inauguration. If the crypto task force is successful, it could increase investor expectations and attraction for cryptocurrencies in the long term.
