‘Crypto president’ Donald Trump’s new and improved Securities and Exchange Commission (SEC) has announced today the creation of a crypto task force to tackle the industry’s regulations.
Per the official statement from SEC Acting Chairman Mark T. Uyeda, this task force will be led by Commissioner Hester Peirce, and it will develop “clear rules for crypto,” something that has been missing for years.
The group is also designed to work with government agencies, Congress, and international bodies. Peirce, long nicknamed “Crypto Mom,” has been a proud advocate for crypto for years.
She will be supported by Richard Gabbert, who will serve as Chief of Staff, and Taylor Asher, stepping into the role of Chief Policy Advisor.
SEC steps up as crypto chaos intensifies
Under Gary Gensler, the SEC was criticized for its heavy-handed and inconsistent approach to crypto regulation, relying mostly on enforcement actions instead of clear guidelines. Companies have been left guessing what’s allowed and what isn’t, often finding out the hard way.
This new task force claims it’s gonna change that by setting straightforward rules for registration and compliance. Uyeda said:
“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties. 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.”
The task force will also coordinate with federal departments like the Commodity Futures Trading Commission (CFTC) and international regulators.
Commissioner Peirce added that the initiative would only succeed if it had plenty of input from industry stakeholders. Meanwhile, the crypto market erupted with the news as President Trump’s own memecoin, $TRUMP, finally went green again.
The token, which plummeted two days ago after First Lady Melania Trump launched MELANIA, has now revived to above $50 as of press time. Coinbase decided to list the meme coin too following the news. But Kraken has already made headlines as the first US exchange to do so four days ago.
Social media buzzed with criticism, with many pointing out the risks of mixing influential people with crypto projects, as we’ve seen many times in the past. Despite the backlash, analysts like Gautam Chhugani from Bernstein believe: “The President of America has his own coin. Our view would be to view the event as a signal that a new crypto regulatory era is here to stay and invest in the more valuable parts of the ecosystem.”
Meanwhile, after hitting $109,350 before Trump’s inauguration, Bitcoin dipped to $103,527 shortly after before rebounding to $107,000 at press time.
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