tl;dr
SEC Commissioner Hester Peirce, also known as "Crypto Mom," has revealed details about the SEC's new Crypto Task Force, which aims to delegate more enforcement and policy away from the SEC's purview. She emphasized that the SEC will continue to combat fraud but alleged that it had overstepped its ju...
SEC Commissioner Hester Peirce, also known as "Crypto Mom," has revealed details about the SEC's new Crypto Task Force, which aims to delegate more enforcement and policy away from the SEC's purview. She emphasized that the SEC will continue to combat fraud but alleged that it had overstepped its jurisdictional boundaries under former Chair Gary Gensler. Peirce outlined the Task Force's goals, mandate, and commitment to a better regulatory environment, emphasizing that it does not imply an endorsement of any cryptocurrency or asset. The new approach will reassess which assets are commodities or securities and delegate enforcement behavior falling outside the Commission's jurisdiction, with a focus on economic freedom but leaving decisions to individuals.
SEC Commissioner Hester Peirce, “Crypto Mom” and long-term industry ally, has grown in prominence recently. Two weeks ago, Acting SEC Chair Mark Uyeda created a new Crypto Task Force, but few concrete details were defined. Today, however, Peirce extensively detailed the Task Force's goals and mandate in a press release.
Hester Peirce emphasized that the SEC is operating under a new paradigm, but it’s still the same institution. She emphatically claimed that it will take time to rebuild policy, compounded by the flood of paperwork requests that the Commission is now receiving. Additionally, the Task Force is still determined to stop fraudulent activity. However, the SEC clarifies that regulatory clarity should not be viewed as an endorsement for any cryptocurrency or asset.
In essence, the Task Force will fight fraud but actively pursue a more laissez-faire approach. That will also present risks for the uninformed crypto user.
Top crypto platforms in the US for February 2025 are eToro, Coinbase, Uphold, Coinrule, and Chain GPT.