The US Securities and Exchange Commission’s (SEC) newly created Crypto Task Force is working to create the long -awaited clarity of regulation for the crypto industry, according to A Tuesday’s statement from Commissioner Hester Peirce.
Pierce, appointed by acting chair Mark Uyeda to lead the Crypto Task Force, laid 10 in the group’s priorities, including solving the question of what makes a cryptocurrency as a security compared to a commodity, and creating of a more “viable” path to register by changing the existing Sec.
Other priorities include “Provid (ing) clarity about whether crypto-lending and staking programs are covered by security laws” and deciding which market components are falling out of the area of Sec.
The Crypto Task Force was established only two weeks ago, one day after former chairman Gary Gensler-known for his so-called regulation-by-implementation of the crypto-label approach. Both Peirce and Uyeda became a voice in their disagreement with Gensler’s approach, and indicated a massive transition to the agency’s approach to crypto regulation under the new Donald Trump administration. Just two days after the Task Force was created, the SEC that saved the controversial accounting bulletin accounting 121that Peirce declared as a “milestone” for the crypto task force in his statements on Tuesday.
Read more: SEC generates new Crypto Task force led by Hester Peirce
Comparing the history of the crypto regulation agency on a family road trip, Peirce said the Crypto Task Force regulation approach should be more enjoyable and less dangerous than traveling the Crypto road that the commission has taken the industry in the last decade. “
“During that last journey, the commission refused to use its disposal regulation tools and relentlessly damaged the implementation brakes as it coincide by Peirce.
Peirce recognized the “legal incapacity and commercial impractical” crypto regulation under Gensler, and emphasized that it would take time for the Crypto Task Force to decide what to do with the legacy of implementation that He left.
“Many cases remain in the trial, many policies remain in the phase of the proposal, and many market participants remain in Limbo,” Peirce said. “Determining how best to deepen all of these strands, including ongoing litigation, will take time. It is involved in work throughout the agency and cooperation with other regulators. Please be patient. of the task force to get to a good place, but we have to do it in a neat, practical, and legal defense way.
Although there are many parts of the agency’s approach to crypto regulation, Peirce’s statement is clear that the SEC’s main goal – to protect investors – remains as important as before.
“One of the factors that US capital markets are very powerful, efficient, and effectively we have policies designed to protect investors and the integrity of the market, and we are implementing those policies. We do not allow Lies, cheaters, and scammers, ”said Peirce. If the commission puts a fraud outside our area, it can refer to the object to a brother’s regulator. If it does not fall inside the area of any regulator, the commission may bring that space to Congress’s attention. “
