The newly appointed and pro-crypto acting chairman of the US Securities and Exchange Commission (SEC), Mark Uyeda, has announced the formation of a dedicated Digital Assets Task Force aimed toward establishing a transparent regulatory framework for the industry.
This initiative follows years of heavy criticism against the regulator led by its former chair, Gary Gensler, for its reactive approach to regulating the crypto market, relying predominantly on enforcement actions quite than proactive guidance.
Aiming For Clarity And Innovation
Commissioner Hester Peirce, also known for her pro-crypto stance, will lead this task force, which also includes Richard Gabbert as Chief of Staff and Taylor Asher as Chief Policy Advisor. They are going to work together to create a regulatory environment that not only protects investors but additionally fosters innovation within the industry.
The first objectives of the duty force are to delineate clear regulatory lines, establish realistic pathways for registration, and develop sensible disclosure frameworks.
By doing so, the SEC goals to supply the crypto market with the guidance it has long sought, moving away from a model centered on enforcement and toward one grounded in collaboration and clarity.
Acting Chairman Uyeda emphasized the collaborative nature of this initiative, stating, “I sit up for the efforts of Commissioner Peirce to steer regulatory policy on crypto, which involves multiple SEC divisions and offices.”
Peirce Calls For Collaboration In SEC’s Latest Crypto Task Force
Commissioner Peirce echoed Uyeda’s statement, acknowledging that the duty force’s success hinges on input from a various range of stakeholders, including investors, industry participants, and academics. Peirce also noted:
This undertaking will take time, patience, and far exertions. We sit up for working hand-in-hand with the general public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.
The regulator further unveiled that the duty force can even operate inside the statutory framework established by Congress and can coordinate with other federal agencies, comparable to the Commodity Futures Trading Commission (CFTC), in addition to state and international regulators.
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