The crypto-focused task force set up by the U.S. SEC is set to address key regulatory lapses in the US crypto industry.
Commissioner Hester Peirce, who has long supported the industry, recently shared the task force’s priorities.
SEC Task Force Aims to Clarify Crypto Regulations
While acknowledging the SEC’s previous missteps in handling digital assets, Pierce noted that the agency plans to examine different crypto assets to clarify their classification. The crypto task force will identify which crypto should be classified as security.
Under Gary Gensler, the SEC had several legal disputes with different cryptocurrencies branded as securities.
🔥SEC Commissioner @HesterPeirce announces the initial list of priorities the SEC Crypto Task Force will tackle:
-security/commodity status
-scoping out: identify areas outside the SEC’s purview, and define them as such (no-action letters, etc)
-token offerings: (potentially… pic.twitter.com/Zsi9j26kl7— Alexander Grieve (@AlexanderGrieve) February 4, 2025
The new task force will spell out the SEC’s jurisdiction, helping platforms know which regulator oversees what operations. Furthermore, the new task force plans to provide a structured process for token offerings. The goal is to make it easier for projects to launch legally.
SEC Focuses on Crypto Lending, Staking, and Global Cooperation
The SEC is also working on improving securities registration frameworks such as Regulation A and a crowdfunding policy for digital assets. Pierce noted that the SEC plans to provide clarity on crypto lending and staking services.
Good News: 🎉🎉🎉
SEC Shifts To Direct Crypto Approach, Launches Crypto Task Force Website
1. Downsizing Enforcement Unit:
The SEC is reducing the size of its crypto enforcement team (previously 50 members), reassigning some staffs to other tasks, signaling a shift from strict… pic.twitter.com/HFKYod0cjZ
— Nolan Defi (@Nolan_defi) February 5, 2025
“We need to provide clarity about whether crypto lending and staking programs are covered by the securities laws and, if so, how. We plan to work to help address how such programs can be structured consistent with the law.”
Pierce noted that the task force will focus on policies for crypto exchange-traded products (ETPs). It would also work on promoting international cooperation in crypto regulation.
How Will the Agency Handle Previous Cases?
The new crypto task force was established days after Donald Trump returned to the Oval Office. Interestingly, President Trump has listed crypto regulation as a priority for this administration. The SEC has already made some major milestones, including rescinding SAB 121.
Pierce admitted that the task force would require time to decide on how to handle all enforcement actions during Gary Gensler’s time as chair. She said, “Many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo.”
“Determining how best to disentangle all these strands, including ongoing litigation, will take time. It will involve work across the whole agency and cooperation with other regulators. Please be patient. The Task Force wants to get to a good place, but we need to do so in an orderly, practical, and legally defensible way,” Pierce added.
The SEC appears ready to engage with industry participants as Peirce called for feedback via written submissions and emails. In addition, the task force will provide regular feedback via the SEC’s webpage. Many have described this as a step towards transparency.
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