- SEC forms new task force for crypto regulation led by Hester Peirce
- Mark Uyeda’s first major move as Acting Chair aims to create clear guidelines
- Hester Peirce emphasizes collaboration with industry and the public
On the first day after Gary Gensler stepped down from the role of SEC Chair, the Securities and Exchange Commission announced a new task force to create a clearer regulatory guideline for crypto firms.
The announcement was reported in a press release as one of the first measures of the newly appointed Acting Chair Mark Uyeda. This task force will aim to collaborate with the SEC staff as well as the American public to create the most effective framework for digital assets.
The pro-crypto SEC commissioner Hester Peirce was appointed the head of the task force. This appointment is seen as a big victory for the cryptocurrency sector as Peirce, also known as “Crypto Mom” is a vocal actor in defense of clearer regulations for digital assets during Gensler’s SEC.
Peirce was excited about her new role at the Commission, anticipating that in order to be successful at her new position — the task force would need to work hard towards getting input from all sectors of the industry, as well as collaborating with Congress in order to create clearer regulations.
“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties,” Peirce said. “We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”
Since taking office yesterday, this most recent development is arguably the first major move by the Trump Government in favor of cryptocurrencies. Despite being heavily favored in the crypto-voting community during the November 2024 elections — Trump failed to mention digital assets during his inaugural speech.
However, in the meantime, Trump’s crypto businesses have been working on the launch of two “Presidential” memecoins. Only 3 days after its launch, the $TRUMP currency has gained over 500% in value, generating a lot of praise and criticism from the community.
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