On January 21, 2025, Securities and Exchange Commission (SEC), under the direction of acting president Mark T. Uyeda, launched a “working group on cryptocurrencies” on the agency scale, dedicated to Development of a complete and clear regulatory framework for cryptographic assets.1 The working group will be led by Commissioner Hester Peirce. The new working group reports a widely awaited change under the new DIA management towards a more regulatory commitment with the cryptography industry. As indicated in our previous customer alert – how the Crypto’s dry approach could change – members of the cryptography industry must be ready to engage with the SEC when it considers a regulatory framework for The cryptography industry so that their views are taken into account.
According to the SEC press release, the working group will help the agency trace clear regulatory lines, provide realistic routes to registration, develop sensible disclosure executives and judiciously deploy the application resources , all in coordination with Congress; Federal ministries and organizations, including the Commodity Futures Trading Commission; and their state and international counterparts.
The announcement of the SEC stresses that the appeal of the agency to coercive measures to regulate the crypto so far has led to “a confusion on what is legal” and to “an environment hostile to innovation and conducive to Fraud ”, while clarity around recording requirements with the SEC remained” elusive “. Commissioner Peirce, who was chosen to lead the working group, defended innovative solutions in terms of cryptography regulation.2 And was a frequent dissident voice (with the current acting president, Uyeda) with regard to numerous actions linked to the cryptography of the dry during his mandate at the SEC.3 Placing it at the head of the working group also confirms that the SEC will adopt a different approach to cryptography compared to that adopted under its previous direction.
Commissioner Peirce stressed that the working group will only succeed if he receives comments from a wide range of investors, industry participants, academics and other interested parties. Consequently, it is essential that the members of the cryptography industry participate in the opportunities for the dry contribution, for example through round tables and public comments. Members of the industry should also look for other opportunities to dialogue with the SEC and its staff to ensure that their points of view are taken into account. We plan that the working group on cryptography will provide other updates on its projects aimed at soliciting the public opinion, but in the meantime, the announcement of the SEC invites the public to give its opinion to (protected email).
