Regulation
US SEC Acting Chair Mark Uyeda Launches Crypto Task Force
The U.S. Securities and Exchange Commission (SEC) has announced the formation of a dedicated Crypto Task Force. Acting Chairman Mark T. Uyeda introduced the initiative, assigning Commissioner Hester Peirce to lead this agency-wide effort. The task force seeks to create a clear and practical regulatory framework for the cryptocurrency sector.
US SEC Mark Uyeda Launches Crypto Task Force
In a recent press release, Acting Chairman Mark Uyeda announced the formation of the Crypto Task Force to deal with the increasing complexities arising from the emerging crypto market. The task force will be instrumental in developing a complete set of rules, which will help eliminate any ambiguity that may be present in the eyes of investors and other professionals.
The task force comprises senior personnel from different divisions and offices of the SEC. Richard Gabbert, Senior Advisor to the Acting Chairman, will become the Chief of Staff, while Taylor Asher, Senior Policy Advisor to the Acting Chairman will become the Chief Policy Advisor. Peirce recounted the objectives of the task force that are to draw “clear regulatory lines”, and establish “reasonable avenues to registration” for the crypto firms.
Uyeda agreed with the need for improvement in the collaborative effort and communication with the public, saying, “The SEC can do better.” The task force will also look into the collaboration with federal, state and international authorities, including the Commodity Futures Trading Commission.
Focus on Public Engagement and Collaboration
In order to solve the problem of the uncertainty of regulation the task force plans to hold discussions with the industry members, scholars, investors and other interested parties. This is a paradigm shift from the previous SEC’s enforcement actions as a mean of regulating the crypto market.
Commissioner Peirce highlighted the role of inclusiveness saying, ‘This effort will succeed only if the task force has input from a broad spectrum of investors, industry players, and other stakeholders’ In an effort to increase public input, the SEC has provided an email address through which members of the public can make their contributions to [email protected]. The task force also intends to convene subsequent round table meetings to address the emerging issues and regulations in the sector.
Besides interacting with the external counterparties, the task force will offer technical support to Congress as it considers modifications to the digital assets legal landscape. This cooperation demonstrates a general trend of synchronizing the increased speed of the crypto industry development with the regulatory process.
Will Better Crypto Regulation Be Among Trumps Obligations?
Due to the increasing attention of the SEC to cryptocurrencies, the crypto community has been concerned since Trump did not mention crypto at his inauguration speech. Consequently, the formation of the task force occurs at a time when there is increasing focus on the regulation of cryptocurrencies. Some recent statements have suggested that the president may consider executive actions on digital assets as one of his first steps. Despite the lack of specifics, Bailey announced on social media that he had the confirmation regarding the next executive orders.
Optimistic about the prospects of improved regulation of the crypto market, REX Shares has filed to launch several exchange-traded funds (ETFs) that will be investing in digital assets. The filings, made in cooperation with Osprey, contain proposed ETFs for such tokens as XRP, Solana (SOL), Dogecoin (DOGE), and Bonk (BONK).
The filings also contain filings for Bitcoin and Ethereum ETFs.One notable application involves an ETF tied to the newly introduced TRUMP meme coin, targeting institutional investors. If approved, these ETFs could expand investment options in the cryptocurrency space.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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