Regulation of cryptocurrencies will become simple and clear – Trump supporters have launched profound changes in the SEC

The US Securities and Exchange Commission (SEC), which was temporarily headed by Mark Uyeda, has begun to review its approach to cryptocurrencies. Uyeda announced on Tuesday that the commission has created a cryptocurrency task force that will work to “develop a comprehensive and clear regulatory framework for crypto assets.” It will be led by Commissioner Hester Peirce, a longtime supporter of the crypto industry.

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The task force will reportedly work closely with the crypto industry to develop regulations, and will also work with the US Congress to provide “technical assistance” in developing legislation regarding regulation of the cryptocurrency market. Both the tone and content of the SEC’s statement indicate a radical shift in the agency’s approach to regulating cryptocurrencies, as Trump promised during the election campaign, CoinDesk reported.

«To date, the SEC has primarily relied on enforcement actions to regulate cryptocurrencies retroactively and reactively, often adopting new and untested legal interpretations along the way,” the SEC said in a statement, noting that this approach has created “confusion regarding what is legal, which creates an environment that is hostile to innovation and conducive to fraud.” “The SEC can do better,” the regulator concluded.

Pearce said the task force will include representatives from a wide range of investors, industry participants, scientists and other stakeholders. “We look forward to working hand-in-hand with the public to create a regulatory environment that protects investors, promotes capital formation, promotes market integrity and supports innovation,” she said in a statement.

The SEC last updated its staff guidance on digital assets in 2019, and it has not been referenced or discussed for amendment to reflect changes in the past five years.