Mark Uyeda, the temporary successor to SEC Chair Gary Gensler, has announced the formation of a crypto task force. Under the leadership of crypto-friendly SEC Commissioner Hester Peirce, the agency is expected to adopt a more "common sense" approach.
The newly inaugurated President Donald Trump has temporarily appointed Mark Uyeda, a Republican member of the U.S. Securities and Exchange Commission (SEC), as chair of the agency. Uyeda takes over the role from Gary Gensler, the controversial SEC chair under former President Joe Biden. The position is expected to be permanently filled later by former SEC Commissioner Paul Atkins. Atkins, for whom both Uyeda and current SEC Commissioner Hester Peirce previously worked at the agency, is anticipated to markedly diverge from the Biden administration's approach to overseeing capital and crypto markets.
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End of the crypto-hostile SEC policy
Today, acting SEC Chair Mark T. Uyeda announced the creation of a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets, according to an SEC press release. The task force will be led by Commissioner Hester Peirce. As early as 2021, the "Crypto Mom" outlined her vision for regulating the industry in an interview with CVJ.CH. She explicitly opposed many actions taken by the SEC under the Biden administration.
The task force will collaborate with SEC staff and the public to steer the agency towards a reasonable regulatory approach that respects legal boundaries. Until now, the SEC has primarily relied on enforcement actions to regulate cryptocurrencies retroactively and reactively. The agency often adopted new and untested legal interpretations, leading to unclear registration requirements and a lack of practical solutions for those seeking to register. This created confusion about what is legal, fostering an anti-innovation environment and enabling fraud.
Collaboration with legislators
The SEC task force, led by Hester Peirce, will focus on supporting the commission in setting clear regulatory boundaries, outlining realistic paths to registration, creating reasonable disclosure frameworks, and prudently deploying enforcement resources. The task force will operate within the statutory framework set by Congress and coordinate technical assistance for congressional changes to this framework. Additionally, the task force will collaborate with federal agencies, including the Commodity Futures Trading Commission (CFTC), as well as state and international partners.
"This undertaking requires time, patience, and a lot of hard work. It will only succeed if the task force is supported by a wide range of investors, industry representatives, academics, and other stakeholders. We look forward to working hand in hand with the public to promote a regulatory environment that protects investors, facilitates capital formation, promotes market integrity, and supports innovation." - SEC Commissioner and head of the crypto task force Hester Peirce
More crypto ETFs on the horizon
Currently, 33 crypto ETFs are awaiting approval on the SEC's desk. The list has doubled since Gensler left the building last Friday. According to Bloomberg ETF analyst Eric Balchunas, the list could grow to 50 within the coming weeks. A significant portion of the pending products focus on alternative crypto ETFs beyond Bitcoin and Ethereum. Notably, Solana and XRP, as well as memecoins like Dogecoin and Bonk, are awaiting ETF approvals.
We are so back. Here's a massive list of all the current digital asset ETF filings that I'm aware of: pic.twitter.com/npHuTmox5K
— James Seyffart (@JSeyff) January 21, 2025
