The U.S. Securities and Exchange Commission is launching a crypto task force to clarify the rules of the road for digital assets.
In a press release, the agency says pro-crypto Commissioner Hester Peirce will lead the agency-wide effort.
The move is a clear contrast to the SEC’s stance under the Biden administration, which maintained that the Securities Act of 1933 is enough to protect investors in the emerging industry.
Today, the SEC under acting Chairman Mark T. Uyeda has a very different message.
“To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way. Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive.
The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The SEC can do better.
The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”
Commissioner Peirce says the agency will work with Congress and industry leaders to support the industry while protecting investors.
“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties.
We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”
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