The U.S. Securities and Exchange Commission (SEC) announced the formation of a task force to establish a regulatory framework for cryptocurrencies. This initiative, unveiled on Tuesday, marks a significant policy shift under President Donald Trump’s administration. Trump, who has branded himself as a “crypto president,” aims to reverse stringent policies implemented by the SEC during former President Joe Biden’s tenure.<\/p>\n
The previous administration, led by Biden, pursued enforcement actions against numerous cryptocurrency firms, including Coinbase and Kraken, accusing them of violating SEC rules. Both companies have denied these allegations, asserting that the existing SEC regulations are ill-suited for the unique nature of cryptocurrencies. They also highlight the lack of clarity on when a crypto token<\/a> qualifies as a security, which would bring it under the SEC’s jurisdiction. For years, the industry has called for clear and comprehensive regulatory guidelines.<\/p>\n This week’s announcement was spearheaded<\/a> by Republican Commissioner Mark Uyeda, appointed acting SEC chair by Trump on Monday, alongside Commissioner Hester Peirce. The creation of the task force is regarded as a significant victory for the cryptocurrency sector under the new administration. Uyeda’s office outlined the task forces objectives, which include defining clear regulatory boundaries, creating practical registration processes, developing sensible disclosure frameworks, and optimizing the use of enforcement resources.<\/p>\n Earlier this month, Reuters reported that Uyeda and Peirce were set to initiate Trump’s agenda for crypto policy reform, starting with the rule-making process. Additionally, Trump is expected to issue executive orders aimed at reducing regulatory scrutiny and fostering digital asset adoption. Reports from outlets suggest these orders could provide a further boost to the industry.<\/p>\n “The Task Force will collaborate with Commission staff and the public to set the SEC on a sensible regulatory path that respects the bounds of the law. <\/p>\n To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting… pic.twitter.com\/Uhd1x73dEQ<\/a><\/p>\n — christian pusateri (@TheTAOofData) January 21, 2025<\/a><\/p><\/blockquote>\n\n