The crypto-focused task force set up by the U.S. SEC aims to address key regulatory gaps in the US crypto industry.
Task Force Plans
SEC Commissioner Hester Peirce highlighted the importance of clarifying the classification of crypto assets as a priority for the task force. The group will identify crypto assets that should be classified as securities. Under Gary Gensler, the SEC had several legal disputes with cryptocurrencies classified as securities. The new task force will spell out the SEC’s jurisdiction, helping platforms understand which regulator oversees what operations. They will also develop a structured process for token offerings.
Focus on Lending and Staking
The SEC is working on improving securities registration frameworks such as Regulation A and a crowdfunding policy for digital assets. Peirce noted that the SEC plans to provide clarity on crypto lending and staking services. Policies for crypto exchange-traded products will also be developed and international cooperation in crypto regulation promoted.
Handling Previous Cases
The task force was established shortly after Donald Trump returned to the Oval Office, with crypto regulation listed as a priority for this administration. Peirce admitted that time would be required to decide on handling current enforcement actions. Many cases remain in litigation, and many market participants remain in limbo. Peirce called for patience, noting that the agency engages with industry participants through written submissions and emails.
The SEC's task force aims for clarity and development in crypto regulation. These measures are expected to lead to a more structured approach and improved industry engagement.
