-
Hester Peirce, known as “crypto Mom,” will lead the agency-wide effort.
-
They request comments from investors and businessmen on guidelines for regulation.
Following the directive given by President Donald Trump after the departure of Gary Gensler, the acting chairman of the Securities and Exchange Commission (SEC), Mark Uyeda, gave instructions for the agency to begin working on the regulation of bitcoin (BTC). and other cryptocurrencies.
In a statement published this January 21, the SEC reports the creation of a working group dedicated to developing a comprehensive and clear regulatory framework for cryptoassetswhich will be led by Commissioner Hester Peirce, known as «crypto Mom», due to the support she has always provided to the ecosystem.
As the publication notes, Peirce will have the support of Richard Gabbert, senior advisor to the acting president, and Taylor Asher, senior policy advisor to the acting president. They will serve as the task force’s chief of staff and senior policy advisor, respectively. The working group will be formed by selected personnel of the entire agency.
They also hope receive recommendations and opinions from the public with the goal of directing the SEC “toward a sensible regulatory path that respects the limits of the law.” For this purpose, investors, industry participants, academics and other parties interested in or related to cryptocurrencies are invited to write to the email address Crypto@sec.gov.
“I look forward to Commissioner Peirce’s efforts to lead cryptocurrency regulatory policy, which involves multiple divisions and offices of the SEC,” said new Acting Chairman Uyeda, while noting that the SEC will work in coordination with other State agencies.
The Working Group will operate within the legal framework established by Congress and will coordinate the provision of technical assistance to Congress as it makes changes to that framework. It will coordinate with federal departments and agencies, including the Commodity Futures Trading Commission, and its state and international counterparts.
Securities and Exchange Commission.
The idea, according to Uyeda’s words, is that the body prepares a bill that protects investors, facilitates capital formation, promotes market integrity and supports innovation. Hence it is noted that the initiative «will require time, patience and a lot of hard work.»
In this way, it is intended that the SEC stop regulating the market “by application”a supervision mechanism that is characterized by the adaptation of pre-existing regulations and laws to new products and technologies.
This is precisely what Gensler had been doing with the cryptocurrency market, following the guidelines established in the Securities Law enacted in 1933. Hence his constant mention of the famous Howey Test, through which rated many crypto assets as securities (security) and accused the companies of violating the law.
Given the novelty and properties of assets such as cryptocurrencies, many members of the ecosystem questioned the SEC’s application of «old criteria for new products», asking for the creation of a new law specific to the sector that would allow clearly determining if some cryptoassets are security or not.
This has been a claim reiterated on several occasions by cryptocurrency companies sued by the SEC, primarily Coinbase. Based on this request, the platform led by Brian Armstrong recently won a partial victory in his legal battle with the agency.
As reported by NoticiasVE, a panel of three judges admitted an appeal from the exchange on January 14. They issued a legal rebuke to the securities regulator, partially siding with the Coinbase effort and ordering the SEC Provide legal clarity when applying cryptocurrency regulations.