The newly established crypto task force of the US Securities and Stock Exchange Commission (SEC) is carrying out efforts to provide long -awaited regulatory clarity for the crypto currency industry. Secure Commissioner Hester Peirce, on Tuesday, determined the priorities of this new initiative.
Hester Peirce, prioritizing priorities for crypto currency mission force
Peirce, who was appointed by Mark Uyeda, the temporary president of the SEC, stressed that a crypto asset among the priorities of the task force is to clarify whether a crypto asset is securities or commodities and to create a more applicable organizing framework by revising the current SEC registration ways. Other important priorities include clarifying whether crypto loans and stinging programs are subject to the laws of securities, and to determine which parts of the market are outside the jurisdiction of the SEC.
The crypto task force was founded only one day after the former president Gary Gensler resigned. Gensler was known for the approach to the crypto üleme organizing through sanctions ”approach. Peirce and Uyeda explicitly criticized the strategy of Gensler and gave signals of a radical change in SEC’s approach to crypto under the Donald Trump administration. Just two days after the formation of the task force, the SEC had repealed the controversial personnel accounting bulletin 121, which Peirce described as “milestone”.
What will be given priority for crypos?
Peirce, SEC’nin crypto arrangements in the past, a family journey to a family journey, the new task force should follow a more predictable and less risky path, he said. “In the previous journey, the Commission refused to use the regulatory tools in the hands of the commission, and on a uncertain route, he stood on the brake with sanctions as he progressed irregularly,” he said. Criticizing the regulatory uncertainty during the Gensler period, Peirce said it would take time to solve the current complex. The ongoing cases emphasized that the task force should follow a careful roadmap due to the rule proposals that have not yet been concluded and the market participants in uncertainty. Peirce used the following statements:
It will take time to solve all these elements. We will have to carry out studies throughout the institution and cooperate with other regulators. Please be patient. The task power wants to achieve a good conclusion, but we must do so in a regular, practical and legally defenseable way.
Although SEC’s approach to crypto arrangements changes, the investor protection, one of the main objectives of Peirce, still remains the biggest priority. “One of the reasons why US capital markets are so solid, efficient and effective is that we have rules to protect investors and market integrity. We do not tolerate those who lie, scammers and dishonesty, ”he said. Crypto task force will give priority to the fight against fraud, stating that fraud cases outside the SECA authority will be directed to the relevant regulatory institutions and will be reported to the Congress if any legal gap is identified.
