SEC Launches Crypto Task Force: Peirce to Lead "Spring Sprint"

The U.S. Securities and Exchange Commission (SEC) has announced the formation of a Crypto Task Force, led by Commissioner Hester Peirce, to develop a regulatory framework for the crypto industry. The task force will host a series of roundtables, starting with a discussion on March 21 titled "How We Got Here and How We Get Out — Defining Security Status."

The SEC's acting chair, Mark Uyeda, launched the task force in late January, aiming to alleviate regulatory enforcement of the crypto industry. The agency has recently dropped multiple litigation efforts against crypto companies, including a lawsuit against crypto exchange Kraken on March 3.

The Crypto Task Force comprises 14 members, including Michael Selig as chief counsel. Selig, a former partner at Willkie Farr & Gallagher, has counseled crypto, non-fungible token (NFT), and stablecoin firms, and represented clients in enforcement matters before the SEC and CFTC. Chris Giancarlo, former CFTC chair and Willkie senior counsel, congratulated Selig on his appointment.

Sumeera Younis, Peirce's former policy counsel, was named the task force's operations chief. Other notable appointments include Landon Zinda, former policy director of Coin Center, as a senior adviser, and Richard Gabbert and Taylor Asher as chief of staff and chief policy adviser, respectively.

Peirce expressed enthusiasm about the task force's expertise and commitment to identifying workable solutions to crypto regulatory problems. The roundtable series, dubbed the "Spring Sprint Toward Crypto Clarity," aims to engage the public in developing a regulatory framework for the crypto industry.