Securities and Exchange Commission (SEC) Starting up “Cryptocurrency Special Committee”
The SEC explained in a press release on Tuesday that the task force is “dedicated to developing a comprehensive and clear regulatory framework for cryptoassets.” The agency also said the SEC will work with the special committee to “set the SEC on a prudent regulatory path that respects the scope of the law.”
According to the announcement, SEC Commissioner Hester Peirce will lead the task force. Pearce had previously been floated under the Trump administration as a possible replacement for SEC Chairman Gary Gensler under Biden's predecessor.
“This undertaking will take time, patience and hard work. It will only be successful if the task force gathers input from a wide range of investors, industry players, academics and other stakeholders.” he said in a release.
“We look forward to working with the public to foster a regulatory environment that protects investors, fosters capital formation, promotes market integrity, and supports innovation.” she added.
Trump, who previously called cryptocurrencies a “fraud,” embraced them during his recent election campaign, becoming the first presidential candidate to embrace digital assets. His donors could donate to his campaign through the Community Chest Committee and could use any cryptocurrency accepted through the Coinbase Commerce product.
Paul Atkins, whom President Trump nominated to be SEC Chairman, is a crypto supporter, and in a post on Truth Social last month, Trump said that Atkins is “developing digital assets to make America greater than ever.” We recognize that other innovations are essential.”
