SEC Commissioner Hester Peirce to lead new crypto task force
Quick Take Republican Commissioner Hester Peirce, who has been nicknamed “Crypto Mom,” will lead the task force. The SEC is set to have a regulatory shift for crypto following former SEC Chair Gary Gensler’s exit and as it forges on with a Republican majority.
The U.S. Securities and Exchange Commission's Hester Peirce will lead a crypto task force to "set the SEC on a sensible regulatory path."
Newly appointed acting chair Mark Uyeda announced the launch of that task force on Tuesday following criticism from many in the crypto industry that the agency has previously taken a "regulation by enforcement approach."
"To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way," the SEC said in a statement . "Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive."
The SEC is set to have a regulatory shift for crypto following former SEC Chair Gary Gensler's exit and as it forges on with a Republican majority. Gensler had called on crypto firms to register with the agency and said that most cryptocurrencies are securities. Some in the crypto industry fought back, saying that it's impossible to register with the agency, partly because rules were made for more traditional entities that are different from the digital asset industry.
Uyeda has called the SEC's crypto approach a " disaster " and said guidance is needed for the crypto industry. Peirce has also slammed the agency's approach and has previously floated a three-year " safe harbor period ," where innovators are allowed to get blockchain-based digital projects up and running without having to register and follow certain federal securities laws.
Two of Uyeda's advisers, Richard Gabbert and Taylor Asher, will serve as chief of staff and chief policy advisor, respectively, for the task force. The task force will hold roundtables and will also focus on clear rules, "realistic paths to registration," disclosure and "deploy enforcement resources judiciously," according the agency's statement. It will also work within its statutes provided by Congress, the agency added.
Update: Jan 21. 6:15 p.m. UTC to include details
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Stablecoin Legislation Booms Globally, Why Is China Taking the Opposite Approach? An Article to Understand the Real National Strategic Choices
Amid the global surge in stablecoin legislation, China has chosen to firmly curb stablecoins and other virtual currencies, while accelerating the development of the digital yuan to safeguard national security and monetary sovereignty. Summary generated by Mars AI. This summary is produced by the Mars AI model and its accuracy and completeness are still being iteratively improved.
Liquidity migration begins! Japan becomes the Fed's "reservoir," 120 billions in carry trade returns set to ignite the December crypto market
The Federal Reserve has stopped quantitative tightening and may cut interest rates, while the Bank of Japan plans to raise rates, changing the global liquidity landscape and impacting carry trades and asset pricing. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its content are still under iterative improvement.
Weekly Hot Picks: Bank of Japan Sends Strongest Rate Hike Signal! Is the Copper Market Entering a Supercycle Rehearsal?
The leading candidate for Federal Reserve Chair is being questioned for potentially "accommodative rate cuts." Copper prices have reached a historic high, and a five-hour meeting between the United States and Russia ended without results. Expectations for a Japanese interest rate hike in December have surged, and Moore Threads' stock soared more than fivefold on its first day... What market moves did you miss this week?
Monad Practical Guide: Welcome to a New Architecture and High-Performance Development Ecosystem
This article will introduce some resources to help you better understand Monad and start developing.
Trending news
MoreCrypto prices
More
