The U.S. Securities and Exchange Commission (SEC) is creating a cryptocurrency task force to develop a regulatory framework for digital assets.
The task force is being launched under the guidance of acting SEC Chair Mark Uyeda, who was appointed by U.S. President Donald Trump on his first day back in office.
Uyeda is serving as acting SEC chair while Trump’s nominee for the post, Paul Atkins, goes through the confirmation process in Washington, D.C.
Crypto investors cheered news of the task force’s creation as it is expected to lead to the lowering of regulatory barriers for cryptocurrencies such as Bitcoin (BTC).
The task force is being led by SEC Commissioner Hester Peirce.
According to the SEC, the task force will develop a clear set of rules for crypto while also addressing issues regarding the registration of digital coins and tokens.
“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,” said the SEC in a statement.
The task force plans to hold public hearings and solicit input from the industry. It will work with federal departments and agencies, including the Commodity Futures Trading Commission.
Trump’s view of crypto differs sharply from the previous administration of U.S. President Joe Biden, which sought to heavily regulate crypto under former SEC Chair Gary Gensler.
During Gensler’s time at the SEC, he resisted efforts to establish crypto exchange-traded funds (ETFs) and filed enforcement cases against crypto firms.
Bitcoin rallied on news of the crypto task force and it is currently trading at $105,400 U.S.
