The U.S. Securities and Exchange Commission (SEC) announced Tuesday the formation of a task force to create a regulatory framework for cryptocurrency. This marks the first major step by President Donald Trump’s administration to reshape crypto policy. The move follows Trump’s campaign promise to promote digital assets and reverse restrictive policies from the Biden era.
Republican Commissioner Mark Uyeda, recently named acting SEC Chair by Trump, and Commissioner Hester Peirce spearheaded the initiative. The task force aims to provide clarity on regulatory boundaries, registration processes, and disclosure requirements for crypto firms, while advocating for judicious enforcement actions. Uyeda’s office emphasized the importance of drawing clear lines to end the uncertainty that has plagued the industry.
The decision comes after years of tension between the SEC and the crypto sector. Under the Biden administration, the SEC filed lawsuits against Coinbase, Kraken, and other companies, alleging violations of securities laws. These firms denied the allegations, arguing that existing SEC rules are ill-suited for cryptocurrencies. Industry leaders have long called for tailored regulations instead of enforcement actions.
The crypto industry welcomed the task force as a significant step toward regulatory clarity. Kraken’s global policy head, Jonathan Jachym, expressed optimism, calling it a meaningful departure from “regulation by enforcement.” The SEC stated the task force will also collaborate with lawmakers, other federal agencies like the Commodity Futures Trading Commission, and international regulators to craft comprehensive crypto legislation.
The announcement aligns with Trump’s broader agenda to bolster the adoption of digital assets. Reports suggest he is preparing executive orders to reduce regulatory scrutiny of the crypto industry and promote innovation.
Bitcoin surged to a record $109,071 on Monday, reflecting investor enthusiasm for the administration’s crypto-friendly stance. The task force’s actions are expected to play a pivotal role in shaping the future of cryptocurrency regulation and ensuring the U.S. remains competitive in the global digital asset market.