The freshly created cryptographic working group of the US Securities and Securities Commission (Sec) is working to create so long -awaited regulatory clarity for the cryptographic industry, according to a statement on Tuesday by Commissioner Hester Peirce.
Pierce, who was appointed by interim president Mark Uyeda to lead the cryptographic working group, presented 10 of the group’s priorities, including the question of what makes a cryptocurrency a security in front of a merchandise, and creating a more path “Viable” for registration by modifying the existing routes of the SEC.
Other priorities include “provid[ing] Clarity on whether cryptographic and rethinking programs are covered by securities laws ”and decide which parts of the market fall outside the jurisdiction of the SEC.
The Crypto task force was established only two weeks ago, one day after former President Gary Gensler, known for his so -called regulation approach for cryptography, resigned. Both Peirce and Uyeda have expressed their disapproval of Gensler’s strategy, and have indicated a massive change in the agency of the Cryptographic Regulation Agency under the new administration of Donald Trump. Only two days after the creation of the Task Force, the SEC rescinded its controversial accounting personnel of Bulletin 121, which Peirce announced as a “milestone” for the Crypto task force in his comments on Tuesday.
Read more: SEC forms a new Crypto task force headed by Hester Peirce
When comparing the history of the agency’s regulation with a family trip by road, Peirce said that the regulatory approach of the Crypto task force “should be more pleasant and less risky than the cryptographic road trip that the commission has taken to the industry during the last decade. “
“On that last trip, the commission refused to use regulatory tools at its disposal and crashed incessantly in the application brakes while staggering along a winding route with a destination that was not discernible for anyone,” Peirce said.
Peirce recognized “legal inaccuracy and commercial impracticability” of the regulation of the low criptography sec, and emphasized that the Crypto task force will take to decide what to do with the legacy of the application that left behind.
“Many cases remain in litigation, many rules remain in the proposal stage and many market participants remain in limbo,” Peirce said. “Determining the best way to unravel all these threads, including the ongoing litigation, will take time. It will involve work throughout the agency and cooperation with other regulators. Please be patient. The working group wants to get to a good place, but we need to do it in an orderly, practical and legally defensible way. “
Although many parts of the agency approach to cryptographic regulation are changing, Peirce’s statement makes it clear that the main objective of the SEC, protecting investors, remains as important as ever.
“One of the reasons why the US capital markets are so robust, efficient and effective is that we have rules designed to protect investors and market integrity, and comply with those rules. We do not tolerate liars, cheats and scammers, ”said Peirce. “As the working group works to help develop this regulatory framework, it will give careful consideration to anti -arude protections. If the commission sees fraud that is outside our jurisdiction, you can send the matter to a brother regulator. If it does not fall within the jurisdiction of any regulator, the commission can call that gap to the attention of the Congress. “
