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Mark Uyeda, Commissioner of the US Securities and Exchange Commission (SEC), speaks during the 2024 Financial Markets Quality Conference at Georgetown University in Washington, DC, US, Tuesday, 17 September 2024.
To Drago | Bloomberg | fake images
The Trump administration on Tuesday took its first steps toward the long-awaited reduction of regulatory barriers for cryptocurrencies.
In a long-awaited move by the digital asset industry, the Securities and Exchange Commission announced that Acting Chairman Mark Uyeda has launched a “crypto working group” aimed at “developing a comprehensive and clear regulatory framework for crypto assets.” .
During the presidential campaign, Trump promised a cryptocurrency-friendly administration for the $3.7 trillion industry.
Although Uyeda announced the initiative, it will be led by SEC Commissioner Hester Peirce. Uyeda will serve as president until Paul Atkins completes the confirmation process and provides law enforcement resources.
According to the SEC announcement, the panel’s task will be to develop a clear set of rules while also addressing issues related to coin registration.
“We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity and supports innovation,” Peirce said.
Bitcoin rallied following the announcement, rising around 2.4% to over $106,000.
Just before his inauguration, Trump underscored his support for digital currencies by launching his own meme coin, called $TRUMP, while First Lady Melania Trump called it $Melania. Both tokens saw rapid increases in price before falling sharply.
The White House’s view on cryptocurrencies differs greatly from when Joe Biden was president. Then-SEC Chairman Gary Gensler was seen as an enemy of the industry.
During Gensler’s time on the commission, he resisted efforts to establish cryptocurrency exchange-traded funds, supported strict accounting policies, and filed enforcement cases against industry leaders.
The working group intends to hold public hearings and solicit industry input.
“This task will require time, patience and a lot of hard work. It will only be successful if the Task Force has input from a wide range of investors, industry participants, academics and other stakeholders,” Peirce said.
