Cryptocurrency President Donald Trump’s new and improved Securities and Exchange Commission (SEC) today announced the creation of a Cryptocurrency Task Force to address industry regulations.
According to the official statement From Acting SEC Chairman Mark T. Ueda This task force will be led by Commissioner Hester Peirce and will establish “clear rules for cryptocurrencies,” something that has been missing for years.
The group is also designed to work with government agencies, Congress, and international bodies. Long nicknamed “Crypto Mom,” Pierce has been a proud advocate of cryptocurrencies for years.
She will be supported by Richard Gabbert, who will serve as chief of staff, and Taylor Asher, who will serve as senior policy advisor.
The Securities and Exchange Commission is stepping up its efforts as the crypto chaos intensifies
Under Gary Gensler, the SEC has been criticized for its strict and inconsistent approach to regulating cryptocurrencies, relying mostly on enforcement measures rather than clear guidelines. Companies are left guessing what is and isn’t allowed, often finding out the hard way.
This new task force claims to change that by setting clear rules for registration and compliance. Aweida said:
“This project will take time, patience and a lot of hard work. It will only succeed if the task force gets input from a broad range of investors, industry participants, academics and other interested parties. We look forward to working alongside the public to promote a regulatory environment that protects investors, It facilitates capital formation, enhances market integrity, and supports innovation.
The task force will also coordinate with federal departments such as the Commodity Futures Trading Commission (CFTC) and international regulators.
Commissioner Pearce added that the initiative will only succeed if it gets a lot of input from industry stakeholders. Meanwhile, the cryptocurrency market has erupted with news, as President Trump’s memecoin, $TRUMP, has turned green once again.
The token, which plummeted two days ago after First Lady Melania Trump launched Melania Trump, has now been revived to over $50 as of press time. Coinbase decided to list the memecoin as well following the news. But Kraken has already made headlines as the first US exchange to do so four days ago.
Social media was abuzz with criticism, with many pointing out the dangers of mixing influential people with cryptocurrency projects, as we have seen several times in the past. Despite the backlash, analysts like Gautam Chogani of Bernstein believe: “The president of America has his own coin. Our view would be to view this event as a signal that a new crypto regulatory era is here to stay and invest in the most valuable parts of the ecosystem.” “
Meanwhile, after reaching $109,350 before Trump’s inauguration, Bitcoin fell to $103,527 shortly after before rebounding to $107,000 at press time.
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