The relationship between Wall Street's top cop and the US cryptocurrency the industry is recovering after more than four years of friction.
On Tuesday Securities and Exchange Commission announced that it is leading efforts to create a regulatory framework for digital assets with the creation of a new cryptocurrency task force.
The initiative, which will be led by Republican Commissioner Hester Peirce, was the first official action by Acting Chairman Mark Uyeda since his appointment. President Trump on monday. Commissioner Uyeda, a Republican, will serve until Trump's permanent pick to lead the agency, Paul Atkins, is confirmed by the Senate.
It was FOX Business first reported in November Hester Peirce, affectionately referred to by the industry as the “Crypto Mother” and expressing interest in leading such a group, said the task force is a possibility.
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As previously reported, the task force will work closely with industry players to create an open dialogue that will enable a friendlier regulatory environment. The task force will help the commission draw clear regulatory lines, provide realistic pathways for registration, create responsive disclosure frameworks and deploy enforcement resources wisely, Tuesday's announcement said. It will also coordinate with other federal agencies, including the Commodity Futures Trading Commission.
Under Gary Gensler, the chairman of Biden, who resigned from the agency on Monday, the SEC has taken multiple legal actions over the past four years as the commission has tried to bring the sector into compliance using enforcement.
Industry participants have long complained that the decentralized nature of cryptocurrencies and the blockchain technology they use make them unregulated like traditional securities, such as stocks and bonds. They have often appealed to regulators and Congress developing a new regulatory framework specific to digital assets.
Gensler believed that traditional securities laws were sufficient to regulate cryptocurrency, and most digital assets excepted bitcoin are securities, they refuse to register with the commission and take the companies that object to this idea to court.
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On the other hand, President Trump has promised a lighter touch of regulation that will benefit emerging industries such as artificial intelligence and cryptocurrency. Since his election on Nov. 5, he has appointed several industry advocates to key leadership positions at the Treasury, SEC and CFTC, and named venture capitalist David Sacks the first cryptocurrency and AI “czar.”
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Peirce and the cryptocurrency task force are already welcoming regulatory input from the public via email and will hold roundtables with industry participants in the future.
“This work will take time, patience and a lot of hard work…” Peirce said press release announces the initiative. “We look forward to working hand-in-hand with the public to develop a regulatory environment that protects investors, facilitates capital formation, ensures market integrity and supports innovation.”
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