The Trump administration took its first steps on Tuesday toward an expected reduction in regulatory hurdles for cryptocurrencies.
In a long-awaited move from the digital asset industry, the Securities and Exchange Commission has announced that Acting Chairman Mark Uyeda has launched a “crypto task force” aimed at “developing a comprehensive and clear regulatory framework for crypto assets.”
During the presidential campaign, Trump promised a crypto-friendly administration for the $3.7 trillion industry.
Although Uyeda announced the initiative, it will be led by SEC Commissioner Hester Peirce. Uyeda holds the chair until Paul Atkins goes through the confirmation process and provides the resources to implement it.
According to a statement from the SEC, the panel’s task will be to develop a clear set of rules, while also addressing issues related to coin registration
“We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity and supports innovation,” Peirce said.
Bitcoin rallied after the announcement, up about 2.4% to more than $106,000.
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