U.S. SEC Establishes Task Force to Formulate Crypto Regulations

The U.S. SEC establishes a new task force to develop a regulatory framework for cryptocurrency assets, indicating a policy shift under President Trump's administration.

The U.S. Securities and Exchange Commission (SEC) has launched a task force to establish a regulatory framework for cryptocurrency assets. This is the first major policy initiative by President Donald Trump's administration to tackle the expanding crypto industry. Led by Republican Commissioner Mark Uyeda and Commissioner Hester Peirce, the task force aims to set clear regulatory guidelines, create pathways for crypto asset registration, and implement effective disclosure frameworks. It will also assist lawmakers in drafting cryptocurrency-related legislation and work with other federal agencies, such as the Commodity Futures Trading Commission (CFTC).

This initiative follows previous regulatory hurdles faced by crypto firms under the Biden administration, during which the SEC sued companies like Coinbase and Kraken for alleged securities law violations. Both companies denied the accusations and urged for clearer regulations. Under Trump, who campaigned as a 'crypto president,' the new SEC leadership has committed to reducing regulatory oversight in the industry and promoting digital asset adoption.

The announcement has been welcomed by industry figures, including Kraken's global head of policy, Jonathan Jachym, who viewed it as a step toward 'real policy solutions.' The move has also driven up cryptocurrency prices, with Bitcoin reaching a new high of $109,071. The task force will also coordinate with state and international regulatory bodies to ensure a comprehensive approach to crypto regulation.