SEC Launches Crypto Working Group: Peirce at the Helm

US SEC Establishes New Cryptocurrency Working Group Led by Hester Peirce

The U.S. Securities and Exchange Commission (SEC) has formed a new cryptocurrency working group, with Commissioner Hester Peirce at the helm. The group's primary objective is to distinguish which "crypto assets" are securities, which could impact how companies register and provide clear statements when approving or disapproving trading platform products.

In a statement, Peirce outlined the group's priorities, noting that the list is not exhaustive. One of the key objectives is to classify some tokens as "non-securities."

Additionally, the SEC has appointed former Coin Center policy director Landon Zinda as a senior advisor to the cryptocurrency working group.

Acting SEC Chairman Mark Uyeda has established a task force to review the agency's strategy on digital assets, led by Commissioner Hester Peirce. This team will reassess asset classifications and shift certain enforcement responsibilities outside of the SEC's direct oversight while maintaining strict measures against fraudulent activities.

In a related development, the White House's Digital Assets Working Group, led by Crypto Czar David Sacks, is exploring the establishment of a national Bitcoin reserve. Currently, 15 states are considering adopting Bitcoin as a strategic reserve asset, and a new stablecoin bill is being presented to Congress.

Overall, the new SEC and the U.S. government are taking significant steps towards regulatory clarity for the industry, fostering an environment conducive to innovation within the crypto space.