Mark Uyeda, acting chairman of the Securities and Exchange Commission (SEC), recently launched a crypto task force at the entity.
The task force will look to develop a comprehensive and clear regulatory framework for crypto assets. The SEC task force will be led by SEC Commissioner Hester Peirce. Also serving on the task force are Richard Gabbert, senior advisor to the acting chairman, and Taylor Asher, senior policy advisor to the acting chairman. Gabbert will serve as the task force’s chief of staff while Asher will serve as chief policy advisor.
“I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices,” Uyeda said.
The task force will collaborate with SEC staff and the public to set the SEC on a sensible regulatory path that respects the bounds of the law. To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively. Further, SEC officials said that clarity regarding who must register, and practical solutions for those seeking to register, have been elusive. The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud.
It will also help the SEC draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.
“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation,” Peirce said.
Additionally, the task force will coordinate with federal departments and agencies, including the Commodity Futures Trading Commission, and state and international counterparts. It will also operate within the statutory framework provided by Congress.