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The U.S. Securities and Exchange Commission’s (SEC) newly-created Crypto Task Force is moving to make long-awaited regulatory clarity for the crypto industry, according to a Tuesday connection from Commissioner Hester Peirce.
Pierce, who was appointed by Acting Chair Mark Uyeda to spearhead the Crypto Task Force, laid retired 10 of the group’s priorities, including resolving the question of what makes a cryptocurrency a information vs. a commodity, and creating a much “viable” way to registration by modifying the SEC’s existing paths.
Other priorities see “provid[ing] clarity astir whether crypto-lending and staking programs are covered by the securities laws” and deciding which parts of the marketplace autumn extracurricular the SEC’s jurisdiction.
The Crypto Task Force was established conscionable 2 weeks ago, 1 time aft erstwhile Chair Gary Gensler — who was known for his alleged regulation-by-enforcement attack to crypto — stepped down. Both Peirce and Uyeda person been vocal successful their disapproval of Gensler’s strategy, and person indicated a monolithic displacement successful the agency’s attack to crypto regularisation nether the caller Donald Trump administration. Just 2 days aft the task unit was created, the SEC rescinded its arguable Staff Accounting Bulletin 121, which Peirce heralded arsenic a “milestone” for the Crypto Task Force successful her Tuesday remarks.
Read more: SEC Forms New Crypto Task Force Spearheaded by Hester Peirce
Comparing the agency’s past of crypto regularisation to a household roadworthy trip, Peirce said that the Crypto Task Force’s regulatory attack “should beryllium much enjoyable and little risky than the crypto roadworthy travel the Commission has taken the manufacture connected for the past decade.”
“On that past trip, the Commission refused to usage regulatory tools astatine its disposal and incessantly slammed connected the enforcement brakes arsenic it lurched on a meandering way with a destination not discernible to anyone,” Peirce said.
Peirce acknowledged the “legal imprecision and commercialized impracticality” of the SEC’s regularisation of crypto nether Gensler, and stressed that it volition instrumentality clip for the Crypto Task Force to determine what to bash with the bequest of enforcement helium near behind.
“Many cases stay successful litigation, galore rules stay successful the connection stage, and galore marketplace participants stay successful limbo,” Peirce said. “Determining however champion to disentangle each these strands, including ongoing litigation, volition instrumentality time. It volition impact enactment crossed the full bureau and practice with different regulators. Please beryllium patient. The Task Force wants to get to a bully place, but we request to bash truthful successful an orderly, practical, and legally defensible way.”
Though galore parts of the agency’s attack to crypto regularisation are changing, Peirce’s connection makes wide that the SEC’s superior nonsubjective – to support investors – remains arsenic important arsenic ever.
“One of the reasons the U.S. superior markets are truthful robust, efficient, and effectual is that we person rules designed to support investors and the integrity of the marketplace, and we enforce those rules. We bash not tolerate liars, cheaters, and scammers,” Peirce said. “As the Task Force works to assistance make this regulatory framework, it volition springiness cautious information to antifraud protections. If the Commission spots fraud that lies extracurricular our jurisdiction, it tin notation the substance to a sister regulator. If it does not autumn wrong immoderate regulator’s jurisdiction, the Commission tin bring that spread to Congress’s attention.”
English (US) 