The new Trump administration has made a series of dramatic policy announcements and changes across a wide range of areas. For the blockchain industry, after years of regulation-by-enforcement by the SEC under Gary Gensler, some stunning changes have been announced. First, Commissioner Mark T. Uyeda, who has authored dissents against the prior regulation-by-enforcement approach, has been appointed Acting SEC Chair. Chair Uyeda has called the previous SEC approach:
a disaster for the whole industry
As one of his first acts as Acting SEC Chair, Uyeda has announced the formation of a crypto task force, led by so-called "crypto-mom" Commissioner Peirce, who has written blistering dissents concerning previous enforcement actions by the SEC.
The Task Force aims to develop:
a comprehensive and clear regulatory framework for crypto assets...the Task Force will collaborate with Commission staff and the public to set the SEC on a sensible regulatory path that respects the bounds of the law
Key priorities for the task force include:
Defining realistic paths to registration for crypto projects.
Developing disclosure frameworks that align with the unique nature of blockchain technologies.
Smarter deployment of enforcement resources, focusing on bad actors rather than the entire industry.
The announcement of the Task Force decries "enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations".
Commissioner Peirce, a longstanding advocate for thoughtful crypto regulation, has emphasised the need for collaborative input from investors, industry participants, and academics. The task force will also engage with Congress to provide technical assistance, aiming to align the SEC's regulatory efforts with the statutory framework and broader policy objectives
Commissioner Peirce is under no illusion as to the challenges ahead, saying:
This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties.
Given the significant influence the SEC has over international crypto regulation, this move is likely to have global ramifications.
This new direction represents a dramatic shift in US policy by embracing innovation and seeking to establish policy settings that facilitate the unique features of blockchain and digital assets. By working together with industry stakeholders and international counterparts, the SEC’s new approach has the potential to rebuild trust with the crypto industry, and establish a regulatory environment that protects investors while recognising the potential of the digital economy.
By Michael Bacina, Steven Pettigrove and Luke Higgins
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