SEC aims to clarify US crypto rules as Bitcoin rises 2.4% on regulatory task force announcement
The Trump administration took initial steps on Tuesday to reduce regulatory barriers for the US cryptocurrency industry, as reported by CNBC.
Acting Securities and Exchange Commission (SEC) Chair Mark Uyeda announced the launch of a ‘crypto task force’ aimed at creating a comprehensive regulatory framework for digital assets.
Although Uyeda made the announcement, SEC Commissioner Hester Peirce will lead the initiative.
Uyeda will continue as acting chair until Paul Atkins completes the confirmation process, while also overseeing enforcement resources for the task force.
The crypto task force’s primary goal is to establish clear rules and address issues related to coin registration.
Peirce emphasised collaboration, saying, “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.”
The SEC plans to conduct public hearings, seek input from industry stakeholders, and collaborate with federal agencies, including the Commodity Futures Trading Commission.
The agency acknowledged existing challenges in the cryptocurrency space, stating, “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.”
Bitcoin rose 2.4 percent following the announcement, climbing to more than US$106,000.
The US$3.7bn US digital asset industry welcomed the move, which aligned with President Trump’s campaign promise to support cryptocurrency.
Shortly before his inauguration, Trump released his own meme coin, $TRUMP, while first lady Melania Trump launched $Melania. Both tokens experienced sharp price increases initially but later saw significant declines.
The Trump administration’s approach to cryptocurrency significantly differs from policies under President Joe Biden.
Former SEC Chair Gary Gensler, viewed as unfriendly to the industry, had resisted establishing crypto exchange-traded funds, advocated strict accounting practices, and initiated enforcement actions against industry leaders.
Peirce highlighted the importance of diverse perspectives for the task force’s success.
“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,” she said.
