US SEC unveils new task force to start work on crypto regulations

Source: Reuters

January 21, 2025 3:02 PM EST Updated 2 hours ago


Jan 21 (Reuters) - The U.S. Securities and Exchange Commission's new leadership said on Tuesday it had created a task force to develop a regulatory framework for crypto assets, in the first major move by President Donald Trump's new administration to overhaul crypto policy.

Trump, who campaigned on promises to be a "crypto president," has pledged to reverse an industry crackdown under former President Joe Biden's SEC, which sued multiple crypto companies, including Coinbase (COIN.O) and Kraken, alleging they had flouted its rules.

The companies have denied those allegations, arguing the SEC rules are inappropriate for cryptocurrencies and that it is unclear when a crypto token might qualify as a security and therefore be subject to the SEC's oversight. The industry has been calling for years for the SEC to create clear cryptocurrency rules.

Tuesday's move by Republican Commissioner Mark Uyeda, whom Trump named acting SEC Chair on Monday, and fellow Republican Commissioner Hester Peirce, marks the first policy win for the crypto industry under the new administration. "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," Uyeda's office said in the announcement.

Read more: https://www.reuters.com/technology/us-sec-forms-cryptocurrency-task-force-2025-01-21/