The working group will be led by SEC Commissioner Hester Peirce, a Republican. Pierce is considered a longtime supporter of cryptocurrencies, earning her the nickname “cryptomom.”
The agency assured that the group will interact with crypto market participants to “create more transparent and understandable guidance” for companies working with digital assets. The SEC intends to outline the scope of its authority, provide specific registration requirements for market participants, and develop disclosure guidance.
The agency intends to cooperate with other federal agencies, including the US Commodity Futures Trading Commission (CFTC). The SEC has promised that it will be more selective in its enforcement actions against crypto companies so as not to stifle innovation.
Over the past four years, under the leadership of Gary Gensler, the SEC has initiated more than 100 lawsuits against crypto companies. These cases not only included accusations of digital asset fraud; the regulator accused many companies of selling unregistered securities.
The current chairman of the SEC is Republican Mark Uyeda, appointed by President Donald Trump. Uyeda will hold this position until the Senate confirms a permanent chairman of the department. The main candidate for this post is Paul Atkins.
Recently, Esther Pierce proposed that the authorities remove restrictions on banking services for crypto companies and users trading cryptocurrencies. Previously, Pierce criticized the department for being too slow in approving cryptocurrency exchange-traded funds (ETFs).
Source: Bits
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