The new leadership of the US Securities and Exchange Commission has announced the creation of a task force to develop regulations for crypto assets. This is the first major step taken by President Donald Trump’s administration to revamp crypto policy.
Trump had promised to be a “crypto president” during his campaign and has vowed to undo the crackdown on the industry by the previous administration under President Joe Biden.
The SEC had filed lawsuits against several crypto companies, such as Coinbase and Kraken, accusing them of violating its rules. However, these companies have denied the allegations, stating that the SEC’s regulations are not suitable for cryptocurrencies. The industry has long been pushing for the SEC to establish clear rules for cryptocurrencies.
The task force, led by Republican Commissioner Mark Uyeda (appointed as the acting SEC chair on Monday) and fellow Republican Commissioner Hester Peirce, marks a policy victory for the crypto industry under the new administration.
