(Reuters) – New leaders of the U.S. Securities and Exchange Commission said on Tuesday they had created a task force to develop a regulatory framework for crypto assets, in the new administration’s first major action by President Donald Trump aimed at overhauling crypto policy.
Trump, who campaigned on a promise to be a “crypto president,” has pledged to reverse the industry crackdown under former President Joe Biden’s SEC, which sued several crypto companies including Coinbase and Kraken, alleging that they had flouted its rules.
The companies have denied the allegations, arguing that the SEC rules are inappropriate for cryptocurrencies and that it is unclear when a crypto token can be considered a security and therefore subject to SEC oversight. . The industry has been calling for years for the SEC to create clear rules for cryptocurrency.
Tuesday’s decision by Republican Commissioner Mark Uyeda, whom Trump named acting chairman of the SEC on Monday, and fellow Republican Commissioner Hester Peirce, marks the crypto industry’s first political victory under the new administration.
“The task force’s goal will be to help the Commission draw clear regulatory lines, provide realistic pathways to registration, develop sensible disclosure frameworks, and deploy enforcement resources wisely,” he said. Uyeda’s office said in the statement.
Reuters reported this month that Uyeda and Peirce were set to launch Trump’s crypto policy overhaul, including beginning the rule-making process. Trump is also expected to soon issue executive orders that would reduce regulatory oversight of the crypto industry and help promote the adoption of digital assets, Reuters and other media outlets reported.
“We are encouraged by this first significant step toward real policy solutions and an end to the era of regulation by enforcement,” Jonathan Jachym, global head of policy at Kraken, said in an emailed statement. to Reuters. “We look forward to accelerating our political engagement…to establish regulatory clarity.”
A Coinbase spokesperson did not immediately respond to a request for comment.
Bitcoin hit a new record high of $109,071 on Monday, amid investor enthusiasm over the new crypto-friendly administration.
The task force will also help lawmakers draft crypto-related legislation while coordinating with other federal agencies, such as the Commodity Futures Trading Commission, as well as state and foreign agencies, the task force added. DRY.
(Reporting by Ismail Shakil, Rami Ayyub and Douglas Gillison; writing by Michelle Price; additional reporting by Chris Prentice; editing by Costas Pitas and Richard Chang)
