The incumbent second chairman Uyeda announces a new crypto-act force

• The incumbent chairman of the SEC, Mark Uyeda, has announced a crypto-task force called "Sec Crypto 2.0".
• The Task Force will try to create a clear regulatory framework for cryptocurrencies.
• SEC commissioner Hester Peirce will lead this task force.

The US stock exchange supervisory authority Securities and Exchange Commission has announced the formation of a new crypto-task force.

The incumbent Sec Cyeda launched the "Sect Crypto 2.0", a task force that, according to the agency, "will devote itself to the development of a comprehensive and clear framework for crypto-assets".

The announcement takes place a few days after it became known that the authority under President Donald Trump is aiming for a restart of cryptocurrency regulation.

acting chairman of the SEC forms crypto-act force

according to a press release according to the ordinance published on January 21 take over the management of the new task force. Crypto 2.0 aims to offer the crypto industry a way to regulatory clarity, said the SEC in the press release.

"So far, the SEC has mainly rely on enforcement measures to regulate cryptocurrencies retrospectively and reactively, and has often taken on new and unspecified legal interpretations. There was no clarity about who has to register, and in terms of practical solutions for those who wanted to register", says the explanation.

The SEC plans to coordinate with other federal authorities, including the Commodity Futures Trading Commission (CFTC). Both state and international partners will be involved in the collaboration.

"This undertaking will require time, patience and a lot of hard work. This will only be possible if the Task Force receives contributions from a broad spectrum of investors, industry participants, scientists and other interested parties. We look forward to working with the public in order to create a regulatory environment that protects investors, promotes capital formation, and promotes market integrity and Innovations supported, ”said Commissioner Peirce.

The step of the SEC takes place one day after the resignation of the former chairman Gary Gensler after his resignation. President Donald Trump appointed Uyeda as reigning chairman.

Since Gensler is heavily criticized because of the commission's regulatory implementation approach and the lack of a clear path to register crypto companies, the main goal of the task force is to eliminate the confusion. It will also help to create "reasonable disclosure framework", with the SEC keeping public opinion in mind. The team led by Peirce will also have round table talks.