Hester Peirce, a long-time” Crypto Mom,” has laid out how the regulator will govern the online resource market with its fresh crypto task force, and did so in a letter that decried the preceding administration’s approach.
Peirce, who was announced as the new job agency’s director last month, wrote Tuesday that the SEC may take a while to get on track and manage a fast-moving and obscure industry.
It will take us some time to get out of this disaster, Peirce wrote.
However, she continued,” The bitcoin road trip the recently announced bitcoin task force has taken should also be more enjoyable and less dangerous than the blockchain road trip the Commission has taken the market on for the past ten years.”
The SEC repeatedly stated that the vast majority of online assets fell under the purview of a security during the Biden Administration, and its past Chair Gary Gensler frequently referred to some of the most recognizable American crypto brands as being subject to legal action.
Some in the crypto market argued that the SEC used a “regulation by protection” strategy under Gensler, which would have targeted crypto firms with lawsuits rather than establishing a set of standards for them to adhere to. This includes lawmakers and regulators like Commissioner Peirce.
However, under the new Trump Administration, the controller is expected to be less angry: President Trump campaigned to support the sector and also created his own Solana joke coin prior to his inauguration.
Commissioner Peirce stated in a letter on Wednesday that the controller was working hard to determine which cryptocurrencies should really be regarded as securities, whether those engaged in registering sign offerings may have a viable path to do so, and to be more specific about whether crypto lending and staking programs fall under the purview of the regulator.
Peirce added that the company is accepting applications for new types of bitcoin exchange-traded resources or ETFs. For example, XRP, Solana, and Dogecoin funds are currently in the works, along with others. Additionally, there are programs that make crypto ETFs more useful, like staking incentives for assets.
In contrast to how numerous ETF papers were handled in the past, the SEC may “provide clear claims about the technique used when approving or disapproving these programs,” Peirce said.
Peirce added that the task force would prioritize collaborating with market participants serious in” totaling securities” or “using blockchain technology to upgrade standard economic markets” as well as focusing on creating a suitable regulatory framework for investment experts to manage resources.
The statement added that the task force has a new email address—[email protected]—that those in the digital asset space can write to with feedback.
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