(NEW YORK, 22) – The United States Securities and Exchange Commission (SEC) has announced the creation of a new task force to regulate cryptocurrency markets. This comes after SEC Chairman Gary Gensler resigned, marking a shift from the agency’s previous stance on digital assets.
Acting SEC Chairman, Greg Uptegrove, emphasized that the new group will establish a comprehensive and transparent regulatory framework for cryptocurrency. SEC Commissioner Hester Peirce will lead the task force. Peirce is known for her strong opposition to the SEC’s aggressive enforcement of crypto companies. Due to her stance, the crypto community has affectionately nicknamed her “Crypto Mom.”
This initiative marks a significant step in the Trump administration’s efforts to reform crypto policies. President Trump had promised during his campaign to reverse the regulatory pressures that the Biden administration placed on the industry. Under President Biden, the SEC took legal action against major crypto firms, such as Coinbase and Kraken, accusing them of violating regulatory standards.
Critics argued that under Gensler’s leadership, the SEC focused too heavily on enforcement rather than developing clear, predictable rules. Gensler resigned as SEC Chairman earlier this week.
In a statement, Uptegrove’s office explained that the task force will help define regulatory boundaries, create feasible registration processes, and develop reasonable disclosure frameworks. Additionally, the team will focus on efficiently allocating enforcement resources.
Reports suggest that Uptegrove and Peirce are preparing to launch Trump’s crypto policy reforms. These reforms will likely include new rulemaking procedures. Trump is expected to sign an executive order soon, aiming to ease scrutiny on the crypto industry and encourage the broader adoption of digital assets.