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Crypto enthusiasts eagerly anticipated decisive action, which Mark Uyeda recently announced. Trump initiated a promise to bring regulatory clarity to cryptocurrencies, leading to Gensler’s resignation. He appointed the crypto-friendly Uyeda as interim chair, who has begun taking necessary steps.
SEC Launches Crypto 2.0 Initiative
Do you remember how Operation Choke Point 2.0 impacted cryptocurrencies? Now, the Crypto 2.0 initiative is underway. Today, SEC Acting Chair Mark T. Uyeda announced the launch of a dedicated task force to develop a comprehensive and clear regulatory framework for crypto assets. Commissioner Hester Peirce will lead the task force.
Peirce has been a strong advocate for crypto, consistently voicing her opposition from within the SEC. Her leadership in this initiative is therefore significant. The official announcement states:
“The Task Force will work with Commission staff and the public to guide the SEC towards a reasonable regulatory approach that respects the bounds of the law. Until now, the SEC has relied mainly on enforcement actions to regulate crypto retroactively and reactively, often adopting new and untested legal interpretations. This has made clarity concerning who needs to register and practical solutions for those wanting to register challenging. The result has been confusion about what is legal, fostering an environment hostile to innovation and conducive to fraud. The SEC can do better.
The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths for registration, establish frameworks for reasonable explanations, and use enforcement resources judiciously.”
Acting Chair Uyeda stated:
“I look forward to Commissioner Peirce leading regulatory policy on crypto, which affects multiple divisions and offices of the SEC.”
The excitement surrounding this process is palpable, with many wondering how far it can go.
