The U.S. Securities and Exchange Commission's newly created crypto task force will take on a long list of priorities as the agency takes on a different direction than in years past.
The task force, led by Republican Commissioner Hester Peirce, will work on distinguishing which "crypto assets" are securities, potentially changing ways for firms to register and work on providing clear statements when approving or disapproving exchange-traded products.
Peirce outlined her list, though noted it was not exhaustive, in a statement on Tuesday alongside a link for the Crypto Task Force.
Peirce said one of the priorities will be classifying some tokens as "non-securities."
"The Task Force also is thinking about the possibility of recommending Commission action to provide temporary prospective and retroactive relief for coin or token offerings for which the issuing entity or some other entity willing to take responsibility provides certain specified information, keeps that information updated, and agrees not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset," Peirce said.
"We will collaborate with others across the federal government, with state securities regulators, and with our international counterparts," said Peirce. "We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime."
Newly appointed SEC Acting Chair Mark Uyeda announced the launch of the task force in late January following criticism from many in the crypto industry that the agency has previously taken a "regulation by enforcement approach."
The SEC is already heeding a regulatory shift for crypto following former SEC Chair Gary Gensler's exit and as it forges on with a Republican majority. Gensler had called on crypto firms to register with the agency and said that most cryptocurrencies are securities. Some in the crypto industry fought back, saying that it's impossible to register with the agency, partly because rules were made for more traditional entities different from the digital asset industry.
Also on Tuesday, the SEC named former Coin Center Policy Director Landon Zinda to be a senior advisor for the crypto task force.
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