Acting US Securities and Exchange Commission (SEC) Chairman Mark Uyeda announced The launch of a cryptocation group “which is dedicated to developing a comprehensive and clear regulatory framework for crypto assets.”
In a hint of the agency’s varying strategy for the digital asset sector for the second term for recent blacks in President Donald TrumpTask Force was launched under the heading “Sec Crypto 2.0.” It will be led by the SEC Commissioner Hester PeirceA song advocate for the digital asset space.
“So far, SEC has primarily relied on enforcement measures to regulate crypto retroactively and reactively, often adopted new and untested legal interpretations on the road,” the supervisory authority said in its January 21. “Clarity about who must register and practical solutions for those who are trying to register have been difficult to capture. The result has been confusion about what is legal, which creates an environment that is hostile to innovation and favorable for fraud. “
According to Sec, the working group will try to solve these issues by cooperating with the Commission’s staff and the public to put the agency on a “sensible regulatory path that respects the limits of the law.”
In the case of goals, Sec said that the purpose of the new group was to “draw clear regulatory lines, provide realistic paths to registration, craftsmanship sensible revealing frameworks and distribute enforcement resources wisely.”
The working group will work within the congress’s statutory framework and provide technical help to the congress as it makes changes to that frame. This task will coordinate with other federal departments and agencies, including Trade Development Commission (CFTC).
“I look forward to Commissioner Peirce to lead the regulatory policy at Crypto, which involves several Sec divisions and offices,” said acting chairman Uyeda.
For its part, Commissioner Peirce warned that the goals of the new working group will “take time, patience and very hard work” to achieve.
“It will only succeed if the working group has input from a wide range of investors, industry participants, academics and other interested parties,” Peirce added. “We look forward to working hand in hand with the public to promote a regulatory environment that protects investors, facilitates capital formation, promotes market integrity and supports innovation.”
Richard Gabbert, senior adviser for the acting chairman, and Taylor Asher, senior political adviser for the acting chairman, will serve together with Peirce as the working group’s chief of staff and chief political advisers.
The launch met with a positive response from some remarkable digital currency meetings in Congress.
House Financial Services Committee President French Hill (R-AR) was effusive to praise the working group, as well as what it signaled about Replacement of the guard at Sec.
“This is the first step in undoing the enormous damage caused by the former chairman Gary Gensler and his regulation through enforcement method. This action sends a clear message to the world that when it comes to crypto, “America is back,” Hill said in A January 21 -post at X. “I look forward to working with my colleagues in Congress and the Trump administration to provide long -dilapidated rules of regulatory that allows the ecosystem of digital asset to thrive in the United States.”
At the same time, rope is. Lisa McClain (R-MI), in a textbook example of the president’s boot-licking—A rhetorical device that will be too common in the next four years—We anxious to place credit where it is due, favorable“President Trump’s newly created crypto working group will provide the legislation for the industry.”
Change the face of Sec
The creation of the working group was among the first priorities for acting chairman Uyeda after his Appointment of President Trump January 20 and stands as a strong indication of how the controller will approach digital assets during Trump’s second term of office.
Uyeda, a Republican member of SEC, took over from former chairman Gary Gensler, who shared his opinion on Capitol Hill –largely down party lines-For his supposedly heavy-handed, regulation-for-enforcement method for the digital asset space, and to have much criticized for certain industrial figures for similar reasons.
In Terms of the Latter Group, Uyeda’s Appointment Likely Appeased Some of the More Compliance-Sky Digital Asset Players in the Market, as He is Known for Previous Voicing Concerns About Gensler’s Approach to Rulemaking and Enell as Well as well as Well as well as Wellaccording to his opinion– of the SEC to offer guidance on how companies can register with the agency.
To be exactly, he called the agency’s policies and approaches in recent years a “disaster for the entire industry” in an October interview with fox business.
Crypto-ADVOCATE-IN-CHIEF Trump was a college critic of SEC’s latest strategy for monitoring the digital asset sector. He has moved quickly since his election win in November last year to start creating a more “accommodating” environment for the industry.
On top of Uyeda’s temporary meeting and the launch of the new crypto for working group led by ”Crypto mom“Peirce, Trump has already chosen a pro-business, innovation-friendly candidate to lead Sec permanently.
In an announcement on December 4, Trump nominated Paul Atkins to Sec -Chairmanhighlights his track record as a former Sec Commissioner and his experience in the private sector, Write through the truth social:
“Paul is CEO and founder of Patomak Global Partners, a consulting company for risk management. As a co -chair of Digital Chamber’s Token Alliance since 2017, he has worked with and studied the digital asset industry. A former Sec-Commissioner from 2002-2008 strongly advocated Paul for openness and protective investors. “
He added that Atkins “realizes that digital assets and other innovations are crucial to America greater than ever before.”
The nomination was not met with universal cheer, with some who notes it as a characteristic pro-digital asset choice and distinct left turn from Gensler’s consumer protection-focused correlation of Crypto-Wild West.
Senator Elizabeth Warren (D-Ma), who will serve as a ranking member in the Senate’s banking, housing and city issues in the next congress, marked Atkin’s questionable record in the financial space and says she was:
“Concerned about putting the helm for Sec a lobbyist in Wall Street whose main contribution during the latest financial crisis was to protest against the giant companies that fraud investors.”
However, others were more optimistic when it comes to nomination, which indicates that Atkins actually understand the need for controls.
“It’s a good choice. It’s a relief. I think he is very solid philosophically, ”said Sheila Bair, former chairman of FDIC and former Deputy Secretary for the US Finance Ministry for Financial Institute, in December 4 interview With news comments, market dominance shows.
Blair continued to suggest that despite Atkins being “much in line with the elected president”, he is also “a experienced hand” and “understands the need for regulation.”
This feeling was repeated by Senator Kirsten Gillibrand (D-NY), which indicated that she would probably support Atkin’s nomination.
“He has the right experience, and I think he is a commissioner who would work well with Congress,” she told politicians December 6th.
Atkins still has some bows to jump through before they take up. After the president nominates a candidate to the SEC chairman, the nomination is sent to the Senate, where the Banking Committee reviews it. The nominees then undergo a confirmation negotiation, followed by a committee voting. If approved, Atkin’s appointment will go to the entire Senate for debate and a final vote, with a simple majority required for confirmation. Once confirmed, it is nominated in and eventually takes office.
Of course, with a Republican majority in the Senate and some favorable Democrats such as Gillibrand, much of this is a formality. What is less certain is how his management over Sec will play.
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