The US Securities and Exchange Commission (SEC) has unveiled a task force to develop a regulatory framework for crypto assets. This move marks the first major step by President Donald Trump’s administration to overhaul crypto policy, which had been criticized as overly restrictive.
Under former President Joe Biden’s SEC, the agency sued multiple crypto companies, including Coinbase and Kraken, alleging they had flouted rules. However, these allegations were denied by the companies, who argue that existing regulations are not suitable for cryptocurrencies and lack clarity on when a token might qualify as a security.
Industry leaders have welcomed this move towards regulatory clarity, saying it is long overdue. The task force will focus on drawing clear regulatory lines, providing realistic paths to registration, crafting sensible disclosure frameworks, and deploying enforcement resources judiciously.
This development comes after reports that the SEC was poised to start a rule-making process, including the issuance of executive orders that would lessen regulatory scrutiny of the crypto industry. Bitcoin recently hit a fresh record high of $109,071 amid investor excitement over the new administration’s crypto-friendly policies.
The task force will also assist lawmakers in drafting crypto-related legislation and coordinate with other federal agencies, such as the Commodity Futures Trading Commission, as well as state and foreign agencies. Top executives from Coinbase and Kraken have praised the move, saying it marks a “new day” for regulatory clarity in the industry.
Source: https://www.reuters.com/technology/us-sec-forms-cryptocurrency-task-force-2025-01-21