Key takeaways
- The U.S. Securities and Exchange Commission’s (“SEC”) newly created Crypto Task Force (the “Task Force”) is led by Commissioner Hester Peirce.
- Commissioner Peirce issued a statement on February 4, 2025 mapping the key priorities for the Task Force.
- The Task Force is dedicated to developing a comprehensive and clear regulatory framework for digital assets that fosters innovation without becoming a haven for fraudsters.
- The Task Force is seeking input from market participants through meetings or written submissions.
On January 21, 2025, SEC Acting Chairman Mark T. Uyeda launched a Task Force dedicated to developing a comprehensive and clear regulatory framework for crypto assets and appointed Commissioner Hester Peirce to lead the Task Force. On February 4, 2025, Commissioner Peirce published a statement entitled “The Journey Begins”, setting out her own thoughts on the “crypto road trip” toward regulatory clarity.
In her statement, Commissioner Peirce acknowledges that over the past decade the Commission “incessantly slammed on the enforcement brakes as it lurched along a meandering route”, and while there will be risks this time around as well, the Task Force provides an opportunity to “create a regulatory framework that both achieves the Commission’s important regulatory objectives—including protecting investors—and preserves industry’s ability to offer products and services”.