The SEC will create a working group on crypto. Why is this important to the entire coin industry?
During the election campaign, Donald Trump repeatedly promised to improve the situation with digital assets, turning the US into the cryptocurrency capital of the world. To do this, it is necessary to create an adequate framework for the regulation of coins, which America still lacks. Actually, this was used by the Securities Commission under Gary Gensler, who actively filed lawsuits against blockchain companies. For now, however, things are looking up for this aggression to finally stop.
Will the SEC support crypto
The SEC’s Cryptocurrency Task Force will be chaired by the regulator’s commissioner, Hester Pierce. She is known in the blockchain community as “cryptomama” because of her long and thorough support of the coin industry. She will now become the leader of the newly created division to “put the SEC on a sensible regulatory path.”
SEC Acting Chairman Mark Uyeda
The creation of the regulator’s cryptocurrency task force was announced by SEC Acting Chairman Mark Uyeda. Here is the relevant quote on the matter from the regulator’s official statement.
The working group will draw on talent from across the agency and will collaborate with Commission officials and the public. This will allow the SEC to set a sensible regulatory course that is consistent with the framework of the law.
Until now, the SEC has relied heavily on enforcement actions to retrospectively and reactively regulate cryptocurrency, often using new and untested legal interpretations. Clarity on registration obligations and practical solutions for those wishing to do so remain elusive. Such things have led to confusion about what is legal and what creates a hostile environment for innovation and favourable conditions for fraud. The SEC can do a better job.
Thus the new leadership of the regulator explicitly states that it does not approve of the approach of the previous chairman of the Securities Commission. As a reminder, Gary Gensler in his position regularly referred to popular cryptocurrencies as “unregistered securities,” which was subsequently used to file lawsuits.
Former SEC Chairman Gary Gensler
The SEC has often had companies pay fines, but the court proceedings themselves have been enough to cause problems for coin marketers. For example, in October 2024, Consensys announced it was cutting 20 per cent of its workforce just because of pressure from the financial regulator.
Now the Commission will focus on creating clear rules for blockchain companies. Ideally, founders should not be afraid of getting sued and fined at any point in their operations, which will definitely benefit the industry. And both in the U.S. and globally.
Here’s another line on the duties of the new crypto task force within the SEC.
The working group will focus on helping the Commission set clear regulatory boundaries, propose realistic ways to register companies, develop reasonable disclosure frameworks, and leverage enforcement resources.
The Working Group will act on legislation from Congress and coordinate technical assistance to Congress as changes are made to this regulatory framework. In addition, it will interact with federal departments and agencies, including the Commodity Futures Trading Commission (CFTC), as well as state and international partners.
If the new group proves to be able to create an adequate framework for cryptocurrency companies to operate, it will prove to be a breakthrough for the digital asset industry. Still, in such a case, the US will turn into an ally of the coin industry with clear rules.
This is how the head of the division Hester Pierce commented on the situation. Her replica is cited by The Block.
This initiative will take time, patience and serious effort. It will only succeed if the working group receives input from a wide range of investors, industry participants, academics and other stakeholders. We look forward to working closely with the community to create a regulatory environment that protects investors, promotes capital, strengthens market integrity and supports innovation.
SEC Commissioner Hester Pierce
Who is the new SEC Chairman
On 20 January 2025, Gary Gensler stepped down as chairman of the Securities Commission. He is remembered as an enemy of the coin industry who actively fought the popularisation of digital assets. And this – despite him delivering lectures in 2018 entitled “Blockchain and Money” at the International Business School at the Massachusetts Institute of Technology in Cambridge.
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Following Gensler’s departure, new US President Donald Trump has appointed Mark Uyeda as acting SEC chairman.
Next, Paul Atkins, whose appointment Donald Trump decided on back in early December, will become the full chairman of the Commission. He is a supporter of the coin industry and has previously recognised that regulation of digital assets in the US leaves much to be desired.
Atkins’ nomination must be supported by the Senate, but this is usually not a problem.
It appears that some of Donald Trump's campaign promises will be realised. And if a working group within the SEC creates clear rules of operation for the industry that the latter's representatives approve of, this event will be one of the major ones for crypto in 2025.
Look for more interesting things in our crypto chat. We look forward to seeing you!
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