SEC Forms Cryptocurrency Task Force to Develop Clear Regulatory Framework
From the desk of Jim Eccleston at Eccleston Law
According to ThinkAdvisor, the U.S. Securities and Exchange Commission (SEC) has announced the creation of a cryptocurrency-focused task force to establish a "comprehensive and clear" regulatory framework for digital assets. This initiative marks one of the agency’s first major actions under Acting Chair Mark Uyeda, following the resignation of crypto skeptic Gary Gensler as SEC Chair.
The task force will be led by SEC Commissioner Hester Peirce, often referred to as "Crypto Mom" for her criticism of the SEC’s previous enforcement-driven approach to cryptocurrency regulation. Under Gensler’s leadership, the SEC faced industry backlash for failing to provide clear compliance guidelines, instead relying on enforcement actions against companies for alleged securities law violations, ThinkAdvisor reports.
The task force will collaborate with Congress and other federal agencies, including the Commodity Futures Trading Commission (CFTC), to develop a regulatory framework. The SEC and CFTC have long debated which agency should have primary oversight of the cryptocurrency sector, according to ThinkAdvisor.
The formation of the task force suggests a shift in the SEC’s approach to digital asset regulation, prioritizing clarity and collaboration with both government and private sector stakeholders.
Eccleston Law LLC represents investors and financial advisors nationwide in insecurities, employment, transition, regulatory, and disciplinary matters.
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