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on tuesday Securities and Exchange Commission Announced that he is leading efforts to establish a regulatory framework for digital assets with the creation of a new crypto task force.
The initiative, which will be led by Republican Commissioner Hester Pierce, was Acting Chairman Mark Ueda’s first official action following his appointment to the post. President Trump On Monday. Ueda, a Republican commissioner, will remain in the role until Paul Atkins, Trump’s permanent choice to lead the agency, is confirmed by the Senate.
was fox business To report for the first time in November The task force was one possibility, with Hester Pearce, affectionately called the “Crypto Mom” ​​by the industry, expressing interest in leading such a group.
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SEC Commissioner Mark Ueda speaks during the 2024 Financial Markets Quality Conference at Georgetown University on September 17, 2024 in Washington, DC. (Al Drago/Bloomberg via Getty Images/Getty Images)
As Fox Business previously reported, the task force will work closely with industry players to create an open dialogue that will allow for a friendlier regulatory environment. Tuesday’s announcement said the task force will focus on helping the Commission draw clear regulatory lines, provide realistic pathways to registration, design sensible disclosure frameworks and deploy enforcement resources judiciously. It will also coordinate with other federal agencies, including the Commodity Futures Trading Commission, which is set to play a bigger role in crypto regulation.
The SEC, under Biden’s leadership under Chairman Gary Gensler, has taken more than 100 legal actions against crypto players over the past four years as the commission has attempted to bring the sector into compliance using enforcement. Many of the lawsuits were brought over credible allegations of fraud and manipulation, but other lawsuits focused on companies failing to register sales of digital assets as securities.
Industry participants have long complained that the decentralized nature of cryptocurrencies and the blockchain technology they run on makes them ineligible from being regulated like traditional securities, i.e. stocks and bonds. He has repeatedly called the regulators and Congress Developing a new regulatory framework specific to digital assets.
However, Gensler believed that traditional securities laws were sufficient to properly regulate the industry and exclude most digital assets. Bitcoin The Securities and Exchange Commission is suing companies that challenged this approach by refusing to register with the Commission.
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President Trump has promised a light regulatory touch that will benefit growing industries like artificial intelligence and crypto. Since his election on November 5, he has appointed a handful of industry advocates to key leadership positions at Treasury, the SEC, and the CFTC, and named venture capitalist David Sachs the first crypto and AI ‘czar’.
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PEERS and the Crypto Task Force are already welcoming input on regulation from the public via email and will hold roundtables with industry participants in the future.
Pearce said, “This undertaking will take time, patience and a lot of hard work….” Press release Announcement of initiative. “We look forward to working hand-in-hand with the public to promote a regulatory environment that protects investors, facilitates capital formation, promotes market integrity and supports innovation. “