Compilation: Mary Liu, BitpushNews

New officials bring new energy.

Since Gary Gensler's resignation, the new leadership of the U.S. Securities and Exchange Commission (SEC) has been active recently, officially launching a brand new Crypto Task Force webpage today and announcing ten priority items. This series of initiatives marks a significant shift in the SEC's regulatory strategy towards crypto assets, gradually moving from a past focus on "enforcement regulation" to a balanced approach of "guidance and regulation."

From clarifying the securities nature of crypto assets to exploring cross-border regulatory cooperation, Hester Peirce, the head of the Crypto Task Force and SEC Commissioner, has written a "priority list" that covers multiple core issues in the crypto space. At the same time, the implied reduction in enforcement intensity provides more breathing room for industry participants, representing the formation of a more flexible and inclusive regulatory environment. Whether investors, entrepreneurs, or industry observers, these trends are worth close attention.

The following is the original text, slightly edited for readability:

The Journey Begins

When I was a child, my family would drive from Ohio to Maine for vacation every year. It was a completely different time. There were no cell phones, and if the car broke down, we couldn't call for help; there were no mobile navigation apps, only paper maps and routes written on scraps of paper; there was no online hotel booking, we could only stop and ask if there were any vacancies when we saw a sign from afar. There were no podcasts or audiobooks, just a crackling radio that barely picked up local stations. My brothers and I had no backseat screens to watch videos; we could only play a "no-tech" game: scanning passing cars' license plates and collecting plates from different states. Today, road trips are very different. In many ways, technology has made travel more enjoyable and safer.

The newly announced Crypto Task Force's "crypto journey" should also be more enjoyable and safer than the path the SEC has led the industry down over the past decade.

During that past journey, the Commission refused to use the regulatory tools at its disposal, continually hitting the brakes on enforcement, navigating a winding road with an unclear destination for anyone. But just as modern technology cannot completely eliminate the risks of road travel, this new journey towards regulatory clarity is still fraught with dangers, and both the Commission and the public need to remain vigilant, aware of the potential risks and opportunities ahead. I am excited to embark on this journey with a talented group of SEC staff, and we look forward to engaging with many enthusiastic members of the public to help us navigate. With this assistance, I hope we can reach a better place than we imagined, rather than stumbling along like the last crypto journey. Before discussing the commitments and opportunities of the task force, please allow me to make some important disclaimers.

First, although I am now responsible for leading the SEC's new Crypto Task Force, the views I express are solely my own and do not necessarily represent the position of the SEC or other Commissioners. The Commission's position must always be determined through a vote of the Commission.

Second, we have been mired in this chaotic situation for a long time, and it will take some time to emerge from it. The Commission has been dealing with the crypto industry in various forms for over a decade. In 2013, the first Bitcoin exchange-traded product (ETP) application was submitted to us, and that same year, the Commission handled a crypto-related fraud case. In 2017, we released the DAO Report under Section 21(a), applying the Howey test to the crypto space for the first time. Since then, we have taken multiple enforcement actions, issued several no-action letters, provided some exemptions, mentioned crypto issues countless times in speeches and statements, met with many crypto entrepreneurs, participated in multiple inter-agency and international crypto working groups, discussed certain aspects of crypto in rulemaking proposals, reviewed crypto-related issues in registration statements and other documents, and approved several rule changes for the listing of crypto exchange-traded products proposed by self-regulatory organizations (SROs). However, the Commission's handling of crypto has consistently faced issues of legal imprecision and commercial impracticality.

As a result, many cases remain in litigation, many rules are still in the proposal stage, and many market participants remain in a state of uncertainty. Untangling these complex issues, including ongoing litigation, will take time. This will involve efforts from the entire agency and collaboration with other regulatory bodies. Please be patient. The task force hopes to reach a good destination, but we need to achieve this in an orderly, practical, and legally defensible manner.

Third, the task force aims to reach a destination where people can freely experiment and build interesting things, rather than a haven for fraudsters. The strength, efficiency, and effectiveness of the U.S. capital markets are partly due to the rules we have established to protect investors and market integrity, and we enforce these rules. We do not tolerate scammers, fraudsters, and con artists. As the task force helps to develop this regulatory framework, careful consideration will be given to anti-fraud protections. If the Commission finds that fraudulent activities fall outside our jurisdiction, we can refer the cases to other regulatory agencies. If no regulatory agency has jurisdiction over the matter, the Commission can bring this gap to the attention of Congress.

Fourth, the task force is working to help create a regulatory framework that achieves the Commission's important regulatory goals (including protecting investors) while preserving the industry's ability to provide products and services. This framework will operate within the statutory authority granted to the Commission by Congress, and we will also collaborate with other regulatory agencies operating within their statutory authority. Current laws do not allow for a hands-off approach to products within our jurisdiction. Congress has set the parameters, and the Commission will enforce them. Congress has also granted us exemptions, which the Commission will use at its discretion. In cases where Congress requires the Commission to impose requirements on market participants, the SEC's rules will not allow for arbitrary discretion. Some of these rules will bring costs and other compliance burdens, which may be uncomfortable for some, and the Commission will use its enforcement tools to address non-compliance when necessary.

Fifth, the Commission staff is working hard to process exemption relief requests, no-action letter requests, and registration statements, but the increase in applications may present challenges. Compliance with technical and legal requirements, conducting reasonable legal analyses, and responding comprehensively and promptly to staff inquiries will help conserve Commission resources and achieve the goal of regulatory clarity more quickly and smoothly. As always, this due diligence will help applications move more smoothly through the approval process; conversely, a lack of due diligence may lead to unnecessary delays. Being the first to submit an application does not necessarily mean being the first to be approved.

Sixth, the new commitment to a better regulatory environment should not be seen as an endorsement of any crypto token. Whether these tokens fall within our jurisdiction or not, the Commission does not endorse any product or service; there is no such thing as an SEC approval seal. Issuing tokens is easy. If people want to buy tokens or products that lack a clear long-term value proposition, they are free to choose, but they should not be surprised if the price drops one day. In this country, people generally have the right to make decisions for themselves, but the corresponding aspect of this wonderful American freedom is the equally wonderful American expectation: people must decide for themselves, rather than relying on "government mommy" to tell them what to do or not do, and they should not expect the government to bail them out when they make wrong decisions.

Now that these somewhat stiff disclaimers are out of the way, let’s talk about what the task force is working on in collaboration with the staff of the Commission's various policy divisions. We will work with other federal agencies, state securities regulators, and international counterparts. We invite builders, enthusiasts, and skeptics to engage with us to explore what the final rules should be and what interim measures can be taken in the meantime to promote innovation. The Commission staff has achieved a milestone by rescinding Staff Accounting Bulletin 121, but there is still much work to be done. The following list is not exhaustive and is not prioritized or arranged in the order of expected completion.

• Securities Status: The status of crypto assets under securities law is key to resolving many other issues. The task force is working to study different types of crypto assets.

• Defining Scope: The task force will help identify areas that do not fall under the Commission's jurisdiction. As a first step, staff welcomes no-action letter requests. No-action letters are typically statements from staff indicating that no enforcement action will be recommended to the Commission in specific circumstances. These statements address specific situations but also provide the public with a window into the staff's thinking.

• Token Issuance: The task force is also considering recommending that the Commission take action to provide temporary prospective and retroactive relief for certain token issuances, provided that the issuing entity or another entity willing to take responsibility provides certain specific information, keeps the information updated, and agrees not to challenge the Commission's jurisdiction in fraud cases involving the asset's sale. These tokens will be treated as non-securities, allowing them to be freely traded on secondary markets without SEC registration as long as the information remains updated and accurate. This approach will bridge the gap until more permanent rules or legislation are finalized. It will provide a pathway for existing tokens to emerge from the fog of uncertainty and encourage more disclosure.

• Registered Offerings: The task force will consider working with staff to recommend that the Commission modify existing registration pathways, including Regulation A and crowdfunding, so that those interested in registering token offerings have viable options.

• Special Purpose Brokers: The task force will explore the possibility of updating the no-action letter for special purpose brokers, which is currently not successful in its present form. A preliminary change we might suggest is to expand the scope of the letter to cover brokers that simultaneously custody both crypto asset securities and non-securities crypto assets. We will work with the public to identify other registration barriers.

• Custody Solutions for Investment Advisors: We will work with investment advisors to provide an appropriate regulatory framework that allows advisors to safely, legally, and practically custody client assets themselves or through third parties.

• Crypto Lending and Staking: We need to clarify whether crypto lending and staking programs are subject to securities law, and if so, how they are governed. We plan to help address how these programs can be legally constructed.

• Crypto Exchange-Traded Products: The Commission has received rule change proposals for listing new types of crypto exchange-traded products from self-regulatory organizations. The task force will work with staff to provide clear statements about the methods used to approve or deny these applications. The task force will also assist staff and the Commission in considering requests to modify certain features of existing exchange-traded products, including allowing staking and physical creation and redemption. However, before these changes are implemented, the Commission may need to make progress on custody and other issues.

• Clearing Agencies and Transfer Agents: The task force also plans to study the intersection of crypto with clearing agency and transfer agent rules. We will continue to work with market participants interested in tokenizing securities or otherwise using blockchain technology to modernize traditional financial markets.

• Cross-Border Sandbox: Many crypto projects have an international scope. The task force is considering how to facilitate cross-border experimentation on a limited scale and temporary timeframe, and may explore more permanent, long-term solutions.

This brief overview of how the task force views the future journey is not exhaustive or final, but I hope it sparks your interest. Despite the many obstacles to reaching a reasonable, clear set of rules, this journey will be exciting and beneficial if we can collaborate.

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