The SEC is establishing a 'crypto task force' to establish clear regulations for the industry.

• The SEC's acting Chair, Mark Uyeda, has established a "crypto task" force to create a "comprehensive and clear regulatory framework for crypto assets."
• The current White House stance on crypto is vastly different from when Joe Biden was president. At that time, Gary Gensler, who served as SEC Chair, was perceived as an adversary to the industry.

The Trump administration began its efforts on Tuesday to ease regulatory hurdles for cryptocurrency.

The Securities and Exchange Commission's acting Chair Mark Uyeda has established a "crypto task" force to create a "comprehensive and clear regulatory framework for crypto assets."

Trump pledged a crypto-friendly administration for the $3.7 trillion industry during his presidential campaign.

Hester Peirce will lead the initiative announced by Uyeda, who is holding the chair set until Paul Atkins gets through the confirmation process and providing enforcement resources.

The panel's objective, as stated in the SEC announcement, is to establish a comprehensive set of guidelines while simultaneously addressing concerns about coin registration.

Peirce stated, "We eagerly anticipate collaborating with the public to create a regulatory framework that safeguards investors, encourages capital formation, promotes market honesty, and nurtures innovation."

The price of Bitcoin increased by 2.4% following the announcement, surpassing $106,000.

Before his inauguration, Trump announced his support for digital currencies by introducing his own meme coin, $TRUMP, and $Melania, with both tokens experiencing a sudden increase in value before experiencing a sharp decline.

The current White House stance on crypto is vastly different from when Joe Biden was president. At that time, Gary Gensler, who served as SEC Chair, was perceived as an adversary to the industry.

Gensler, while serving at the commission, opposed the creation of crypto exchange-traded funds, supported strict accounting standards, and initiated legal actions against prominent industry figures.

"The SEC can improve its communication and provide clearer guidelines for those seeking to register, resulting in less confusion and a more favorable environment for innovation."

The task force plans to conduct public hearings and gather feedback from the industry. It will collaborate with federal departments and agencies, including the Commodity Futures Trading Commission.

Peirce stated that the success of this project depends on the involvement of a diverse group of stakeholders, including investors, industry professionals, academics, and other interested parties. It will require time, patience, and a significant amount of effort.