The SEC plans to redistribute staff from its cryptocurrency unit and adjust its approach to regulating crypto markets.
Staff Redistribution
The New York Times reports that the U.S. Securities and Exchange Commission (SEC) is beginning to scale back its 50-person crypto enforcement unit. Some of the unit's lawyers will be reassigned to other departments.
New Crypto Market Regulations
Changes in the crypto unit come as SEC Commissioner Hester Peirce outlined the regulator’s new approach to crypto market regulation. The approach includes evaluating the security status of crypto assets and potentially offering retrospective relief for some token offerings.
A New Look at the Crypto Landscape
Peirce compared the SEC’s old approach to 'careening down the road while incessantly slamming on the enforcement breaks.' She noted that the newly announced Crypto Task Force's mission should be more enjoyable and less risky.
This is a developing story, and further information will be provided as it becomes available.
