Mark Ueda, the newly appointed acting chairman of the U.S. Securities and Exchange Commission (SEC), a pro-cryptocurrency advocate, said: announced Establishment of a dedicated Digital Assets Taskforce, aimed at establishing a clear regulatory framework for the industry.
The effort comes after years of criticism that the regulator, led by former Commissioner Gary Gensler, has taken a reactive approach to regulating the cryptocurrency market, relying primarily on enforcement actions rather than proactive guidance. This comes after the company has received severe criticism.
Aiming for clarity and innovation
Secretary Hester Peirce, known for her support for cryptocurrencies, will lead the task force, which also includes chief of staff Richard Gabbert and chief policy adviser Taylor Asher. The two companies will work together to create a regulatory environment that not only protects investors, but also fosters innovation in the industry.
The Task Force's main objectives are to delineate clear regulatory boundaries, establish realistic pathways for registration, and develop a prudent disclosure framework.
In doing so, the SEC aims to provide the crypto market with long-sought guidance and move away from a model centered on enforcement and toward one based on cooperation and transparency.
Acting Chairman Ueda emphasized the cooperative nature of this effort, saying, “I look forward to Secretary Peirce's efforts to lead regulatory policy regarding virtual currencies that involve multiple SEC divisions and offices.''
Peirce calls for cooperation on SEC's new crypto task force
Peirce echoed Ueda's statement, acknowledging that the task force's success will depend on input from a diverse range of stakeholders, including investors, industry professionals, and academics. Peirce also said:
This endeavor takes time, patience, and hard work. 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.
Regulators further clarified that the task force will also operate within the legal framework established by Congress and coordinate with other federal agencies, such as the Commodity Futures Trading Commission (CFTC), as well as state and international regulators. did.
Featured image from DALL-E, chart from TradingView.com
