New SEC task force to reshape crypto oversight
Signaling a focus on clearer rules, addressing industry concerns over enforcement-heavy policies
The US Securities and Exchange Commission (SEC) has taken its first significant step under President Donald Trump's administration to reshape crypto regulation. On Tuesday, newly appointed acting SEC Chair Mark Uyeda and Commissioner Hester Peirce announced the creation of a task force focused on crafting a comprehensive framework for cryptocurrency oversight.
The move signals a sharp departure from the previous administration’s regulatory approach. Under President Joe Biden, the SEC aggressively pursued enforcement actions against crypto firms like Coinbase and Kraken, alleging violations of securities laws. Both companies denied wrongdoing, arguing the current rules are ill-suited for the unique nature of digital assets and calling for clearer regulations.
The new task force, according to Uyeda’s office, aims to draw clear boundaries, establish pathways for crypto firms to comply with regulations, and ensure enforcement is balanced and targeted.
Crypto industry welcomes the shift
For many in the crypto industry, Tuesday’s announcement marks the end of a contentious chapter. Kraken’s global policy head Jonathan Jachym praised the initiative as a “meaningful first step” and expressed optimism about engaging with policymakers to bring much-needed clarity to the sector.
Paul Grewal, Chief Legal Officer at Coinbase, echoed this sentiment, emphasizing the industry's longstanding requests for rule-making. “Over the last four years, the answer was resoundingly ‘no.’ It is a new day,” Grewal said.
Nature is healing. https://t.co/ajqMRfRDzZ
— paulgrewal.eth (@iampaulgrewal) January 21, 2025
New era of crypto policy
This policy shift aligns with Trump’s campaign promise to position himself as a “crypto president.” He has pledged to reverse the SEC’s enforcement-heavy strategy and promote digital asset adoption. Reports suggest upcoming executive orders may further ease regulatory scrutiny and encourage crypto innovation.
The task force is also expected to work closely with Congress, the Commodity Futures Trading Commission (CFTC), and international regulators to ensure consistent policies across jurisdictions. According to the SEC, this includes assisting lawmakers as they draft crypto-related legislation and coordinating efforts with state and federal agencies.
By addressing gaps in oversight, the SEC’s task force aims to provide clarity to an industry that has long called for transparent and practical regulations.
