The Trump administration took its first steps on Tuesday toward an expected lowering of regulatory barriers to cryptocurrencies.
In a long-awaited move from the digital assets industry, the SEC announced that Acting Chairman Mark Ueda has launched a “Cryptocurrency Task Force” aimed at “developing a comprehensive and clear regulatory framework for crypto assets.”
During the presidential campaign, Trump promised cryptocurrency-friendly management of the $3.7 trillion industry.
Although Ueda announced the initiative, it will be led by SEC Commissioner Hester Peirce. Ueda serves as president until Paul Atkins goes through the confirmation process and provides implementation resources.
According to the SEC's announcement, the commission's mission will be to develop a clear set of rules while also addressing issues related to coin registration.
“We look forward to working alongside the public to foster a regulatory environment that protects investors, facilitates capital formation, enhances market integrity, and supports innovation,” Pearce said.
Bitcoin rose after the announcement, nearly 2.4% to more than $106,000.
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