The U.S. Securities and Exchange Commission (SEC) will establish a working group focused on cryptocurrencies to develop ways to regulate the market. This is one of the first actions taken by the agency following the resignation of cryptocurrency skeptic Gary Gensler.
SEC acting chairman Mark Uyeda said the working group will work to develop a “comprehensive and clear” regulatory framework for cryptocurrency assets. It will be led by SEC Commissioner Hester Peirce, nicknamed “CryptoMom” by the industry for her opposition to the SEC’s enforcement actions against cryptocurrency companies.
SEC Commissioner Hester Peirce
Cryptocurrency companies have criticized the SEC under Gensler for regulating the industry through enforcement rather than setting clear rules so companies can comply with securities laws. Gensler stepped down as SEC chairman on Monday.
"The result is confusion about what is legal and an environment that is not conducive to innovation and promotes fraud. The SEC can do better," the agency said in a statement.
U.S. President Donald Trump has selected former SEC commissioner Paul Atkins to serve as chairman of the agency, but the Senate has not yet scheduled hearings on his nomination.