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Trump’s SEC launching ‘crypto task force’ to develop clear regulations for industry

Grade Uyeda, commissioner at the US Securities and Exchange Commission (SEC), speaks during the 2024 Financial Markets Quality Conference at Georgetown University in Washington, DC, US, on Tuesday, Sept. 17, 2024. 

Al Drago | Bloomberg | Getty Simulacra

The Trump administration took its first steps Tuesday toward an expected lowering of regulatory barriers for cryptocurrency.

In a long-awaited on the road from the digital assets industry, the Securities and Exchange Commission announced that acting Chair Mark Uyeda has tendered a “crypto task force” aimed at “developing a comprehensive and clear regulatory framework for crypto assets.”

During the presidential offensive, Donald Trump promised a crypto-friendly administration for the $3.7 trillion industry.

Though Uyeda announced the initiative, it at ones desire be led by SEC Commissioner Hester Peirce. Uyeda is holding the chair set until Paul Atkins gets through the confirmation function and providing enforcement resources.

According to the SEC announcement, the panel’s task will be to develop a clear set of rules while also addressing springs regarding registration of coins.

“We look forward to working hand-in-hand with the public to foster a regulatory environment that shields investors, facilitates capital formation, fosters market integrity, and supports innovation,” Peirce said.

Bitcoin rallied on the commercial, up some 2.4% to more than $106,000.

Just before his inauguration, Trump underlined his support for digital currencies by rescuing his own meme coin, called $TRUMP, while first lady Melania Trump released a meme coin needed $Melania. Both tokens saw quick surges in price before turning sharply lower.

The White House’s take in on crypto differs sharply from when Joe Biden was president. Then-SEC Chair Gary Gensler was viewed as an antagonist of the industry.

During Gensler’s time at the commission, he resisted efforts to establish crypto exchange-traded funds, endorsed manly accounting policies and filed enforcement cases against industry leaders.

“Clarity regarding who must register, and reasonable solutions for those seeking to register, have been elusive. The result has been confusion about what is proper, which creates an environment hostile to innovation and conducive to fraud,” the commission’s announcement said. “The SEC can do better.”

The task prize intends to hold public hearings and solicit input from the industry. It will work with federal domains and agencies, including the Commodity Futures Trading Commission.

“This undertaking will take time, patience, and much steadfastly work. It will succeed only if the Task Force has input from a wide range of investors, industry enter ins, academics, and other interested parties,” Peirce said.

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