US SEC Launches Crypto Task Force, Aims to ‘Set the SEC on a Sensible Regulatory Path’

The day after Gary Gensler left his position and President Donald Trump was inaugurated, the U.S. Securities and Exchange Commission introduced a new cryptocurrency task force. This announcement, made today, criticized the regulator’s previous actions led by gary gensler gary gensler Gary Gensler is the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies. Quick Facts Full name Gary Scott Gensler Birth 18-10-1957, Baltimore, Maryland, United States Nationality American Education MBA from the University of Pennsylvania Marital status Married to Francesca Danieli (1986-2006) Net worth Estimated $100 million   Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.   Gary Gensler - Career Highlights 1997 – Became Assistant Secretary of the Treasury. 2009 – Led CFTC, regulating financial derivatives post-2008 crisis. 2018 – Taught blockchain and crypto at MIT. 2021 – Appointed SEC Chairman, focusing on crypto regulations. 2022 – Proposed stricter rules for crypto exchanges. 2023 – Took legal action against major crypto firms. 2024 – Advocated for stronger stablecoin and DeFi regulations.   Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.   Awards & Recognitions of Gary Gensler Year Institution  Description 2009 U.S. Treasury Financial Regulation Leader 2018 MIT Blockchain & Crypto Educator 2021 SEC SEC Chairman Overseeing Crypto Policies 2023 Bloomberg Most Influential Regulator in Crypto 2024 Forbes Top Policy Maker in Digital Assets   Useful Links to Connect With Gary Gensler Platform Link X (formerly Twitter) twitter.com/GaryGensler CFTC website Chairman Gary Gensler   Chairman Hester Peirce of the SEC will head the task force aimed at setting a practical regulatory approach for the commission.  

Acting Chair Uyeda Announces SEC Crypto 2.0

The U.S. Securities and Exchange Commission (SEC) has created a new task force focused on cryptocurrency regulations. This move was announced just a day after the controversial SEC leader, Gary Gensler, resigned. The new acting chairman, Marl Uyeda, was appointed by President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President

Hester Peirce, known for her supportive views on cryptocurrency, will lead the task force. Her favorable approach towards crypto has even earned her the nickname “crypto-mom”. The SEC said that Crypto 2.0 is designed to provide clear regulatory guidelines for the cryptocurrency industry.

The SEC said in a statement, “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.

Uyeda has criticized the SEC’s handling of cryptocurrencies as problematic, calling for clearer guidance. Peirce has also criticized the agency and suggested a three-year “safe harbor” for blockchain projects to develop without strict federal securities law adherence.

Richard Gabbert and Taylor Asher, advisors to Uyeda, will hold key positions in the new task force, which will focus on clear regulations, realistic registration paths, and proper enforcement. The task force will also host roundtables and adhere to the legal frameworks provided by Congress.

SEC Chooses Collaborative Crypto Regulation Strategy

The SEC is set to collaborate with various federal bodies and departments, such as the Commodity Futures Trading Commission, which is currently under the leadership of Acting Chairman Caroline Pham, alongside state and global regulators.

“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.

Historically, the SEC has managed the cryptocurrency industry mainly through enforcement actions. During the first term of Trump’s presidency, under the leadership of chairs Gary Gensler and Jay Clayton, the agency filed numerous lawsuits against cryptocurrency companies, often for operating without proper registrations.

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The scrutiny of these companies increased under President Joe Biden’s administration, especially after the failure of the cryptocurrency exchange FTX

During Trump’s second term, it is expected that new rules will be established for crypto companies to make sure they adhere to financial regulations. These will likely include specific guidelines on which tokens qualify as securities and how much federal regulation is involved.

Since his January 20 inauguration, President Trump has been silent on cryptocurrency. The industry awaits potential executive orders, including possibly establishing a federal Bitcoin reserve in the U.S.