A new task force aiming to “set the SEC on a sensible regulatory path” and provide a clearer set of rules for market participants has been announced by the SEC. It will be lead by Commissioner Hester Peirce.

President Trump tapped SEC Commissioner Mark Uyeda to serve as the SEC Acting Chairman until Trump’s pick, Paul Atkins, is confirmed for the full-time chair role. And Uyeda wasted no time in taking swift action in the cryptocurrency space, announcing the launch of a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets.

Richard Gabbert, Senior Advisor to the Acting Chairman, and Taylor Asher, Senior Policy Advisor to the Acting Chairman, will serve as the task force’s Chief of Staff and Chief Policy Advisor, respectively.

Drawing from staff across the agency, the Task Force will collaborate with SEC staff and the public to set the agency on a sensible regulatory path that respects the bounds of the law, the announcement stated.

Policy clarity

The SEC said it had previously relied (mostly) on enforcement actions to regulate crypto retroactively and reactively, “often adopting novel and untested legal interpretations along the way. Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive.”

The result, the SEC said, “has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The SEC can do better.”

The Task Force’s focus will be to help the securities watchdog draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.

“Take us home, Crypto Mom.”

A start-up founder, posting on X

The Task Force will operate within the statutory framework provided by Congress and will coordinate the provision of technical assistance to Congress as it makes changes to that framework. The Task Force will coordinate with federal departments and agencies, including the Commodity Futures Trading Commission, and state and international counterparts.

“I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices,” said Acting Chairman Uyeda.

Commissioner Peirce said: “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. 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.”

The announcement has been greeted with excitement in the crypto industry. “Commissioner Peirce, aka ‘Crypto Mom,’ will lead the SEC’s new crypto task force,” Jason Yanowitz, the co-founder of crypto news site Blockworks, wrote on the social media platform X. “Unbelievably bullish.” 

“Take us home, Crypto Mom,” posted a startup founder, alongside Peirce’s official headshot. 

Nominated to the SEC in 2016 by president Barack Obama, Peirce has been dubbed Crypto Mom by many in the crypto community for embracing innovation in the financial sector and criticizing former SEC chief Gary Gensler’s aggressive approach to regulatory enforcement in her comments and dissents to enforcement actions.