Commissioner Hester Peirce during an open meeting of the Securities and Exchange Commission.
Things are happening fast at the Securities and Exchange Commission, under the new Trump administration. On Monday, former SEC chair (and crypto critic) Gary Gensler resigned. President Donald J. Trump appointed Mark T. Uyeda as Acting Chairman of the agency on Tuesday. On Wednesday, Uyeda launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets – and named “CryptoMom” Hester Peirce to lead the new task force.
Peirce received her nickname by the industry over the years for her supportive stance on digital assets – and her criticism of over-regulation of these assets. She was appointed by President Trump to the SEC in 2018. Before joining the SEC, Peirce researched financial markets at George Mason University's Mercatus Center. She was also a senior counsel for the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
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The task force was introduced amid expectations of a shift in the SEC’s approach to crypto under the crypto-friendly Trump administration. President Trump vowed to make the U.S. the "crypto capital of the planet," when he was campaigning for this election.
The task force will focus on crypto regulations and market integrity, collaborating with SEC staff and the public to “set the SEC on a sensible regulatory path that respects the bounds of the law,” according to the SEC. To date, the SEC has relied primarily 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, resulting in confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. “The SEC can do better,” according to the SEC statement.
The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.
Related: Crypto is ‘risky’ but only makes up less than 1% of 401(k) market: Government watchdog
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.
“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,” stated Commissioner Peirce, who will establish proactive regulation and clear legal standards.
The Task Force will hold public hearings and roundtables and will consult with stakeholders, including investors, industry participants, academics and regulators. In the meantime, the task force welcomes public input at [email protected].
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
