The U.S. Securities and Exchange Commission (SEC), under its new leadership, announced on Tuesday the formation of a task force dedicated to establishing a regulatory framework for cryptocurrency assets. This represents the first significant step by President Donald Trump’s administration to reshape crypto policy.
Trump, who positioned himself as a “crypto president” during his campaign, has vowed to undo what he perceives as an aggressive regulatory stance implemented by former President Joe Biden’s SEC. Under Biden’s leadership, the SEC pursued legal actions against several crypto companies, including Coinbase and Kraken, accusing them of violating SEC rules.
The accused firms have consistently denied these allegations, asserting that the current SEC regulations are unsuitable for the crypto industry. They argue that the criteria determining whether a cryptocurrency qualifies as a security, thus falling under the SEC’s jurisdiction, remain unclear. For years, industry leaders have been calling on the SEC to provide a coherent and transparent regulatory framework for digital assets.
Tuesday’s initiative, spearheaded by Republican Commissioner Mark Uyeda, recently appointed by Trump as acting SEC chair, and Commissioner Hester Peirce, signals a significant policy win for the cryptocurrency sector under the new administration.
“The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously,” Uyeda’s office stated in the announcement.
Earlier this month, Reuters reported that Uyeda and Peirce were gearing up to launch the Trump administration’s overhaul of crypto policies, including initiating the rule-making process. Additionally, reports suggest Trump may soon issue executive orders to reduce regulatory scrutiny on the crypto industry while fostering the adoption of digital assets.
Jonathan Jachym, Kraken’s global head of policy, welcomed the development, stating in an email, “We are encouraged by this meaningful first step towards real policy solutions and ending the regulation by enforcement era of the past. We look forward to accelerating our policy engagement … to establish regulatory clarity.”
Investor enthusiasm over the crypto-friendly administration led to Bitcoin reaching a record high of $109,071 on Monday.
Beyond setting regulatory boundaries, the newly established task force will assist lawmakers in drafting cryptocurrency-related legislation. It will also work in collaboration with other federal entities, such as the Commodity Futures Trading Commission, and coordinate with state and international agencies, according to the SEC.
Coinbase’s Chief Legal Officer Paul Grewal expressed optimism about the shift in policy. “We have been saying for years to help us by crafting rules for crypto. Over the last four years, the answer was resoundingly ‘no,’” Grewal stated in a phone interview. “It is a new day.”
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