The acting chairman of the SEC, Mark T. Uyeda, has launched a task force dedicated to developing a comprehensive and clear regulatory framework for cryptoassets. In the same announcement, the regulator took the opportunity to criticize the former administration, according to a statement issued by the SEC.
The team will be led by Commissioner Hester Peirce and will include Richard Gabbert, the acting chairman’s senior advisor, and Taylor Asher, the acting chairman’s senior policy advisor. Gabbert and Asher will serve as Chief of Staff and Senior Policy Advisor for the task force, respectively.
“Composed of talented staff from across the agency, the Task Force will collaborate with Commission staff and the public to chart a sensible regulatory path that respects the boundaries of the law,” the statement reads.
The statement, issued after the departure of Joe Biden’s administration, clearly expresses dissatisfaction with how cryptoasset oversight has been handled in recent years.
Information released on Tuesday indicates that, to date, the SEC has primarily relied on enforcement actions to regulate cryptoassets retroactively and reactively, often adopting novel and untested legal interpretations in the process.
“Clarity on who needs to register, along with practical solutions for those seeking to register, has been elusive. This has resulted in confusion about what is legal, creating a hostile environment for innovation and conducive to fraud. The SEC can do better,” the statement asserts.
The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic registration pathways, design reasonable disclosure frameworks, and deploy enforcement resources judiciously, the statement adds.
Additionally, the Task Force “will operate within the legal framework established by Congress and coordinate the provision of technical assistance to Congress as it makes changes to that framework.”
It will also collaborate with federal departments and agencies, such as the Commodity Futures Trading Commission (CFTC), as well as with state and international counterparts.
