by Jude Ayua  

 

The US Securities and Exchange Commission (US SEC) Acting Chairman Mark T. Uyeda launched a crypto task force on 21 January 2025 dedicated to developing a comprehensive and clear regulatory framework for crypto assets. This launch came shortly after Uyeda’s appointment as acting chair.

US SEC Commissioner Hester Peirce is the head of the task force. Richard Gabbert, Senior Advisor to the Acting Chairman will serve as the Chief of Staff to  the task force, and Taylor Asher, Senior Policy Advisor to the Acting Chairman will serve as its Chief Policy Advisor.

The US SEC noted the task force will collaborate with its staff, drawing from talent across the agency, and the public to guide the SEC on “a regulatory path that respects the bounds of the law.” The task force will operate within the US SEC’s statutory framework, providing needed technical assistance to Congress as the Congress amends the framework to suit current developments. The task force will also work with federal departments and agencies with the US, including the Commodity Futures Trading Commission, as well as state and international securities agencies.

The need for a clear regulatory framework

For the past four years of Gary Gensler’s term as US SEC Chair, the US crypto market suffered regulatory uncertainty and was hit with over 100 enforcement actions. With Trump’s second administration and pro-crypto appointments, the industry anticipated crypto-friendly policies and regulatory overhaul.

While Trump is expected to sign two executive orders in respect of the industry, the new SEC crypto task force is the first practical step to implementing friendlier crypto regulations.

Read also: US SEC: Gensler maintains stance on crypto regulation; resignation imminent.

The US SEC noted its reliance “on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations” for the past few years. The US SEC added that “Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive. The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud,” emphasizing “The SEC can do better.”

The Crypto Task Force will focus on helping the US SEC come up with “clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”

Acting Chairman Uyeda said he looks forward to Commissioner Peirce’s efforts to lead the task force. Commissioner Peirce noted that the undertaking will take time, patience, and hard work. Pierce explained that:

“It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”

The task force plans to hold roundtables in the future. In the meantime, it welcomes public input which could be sent to the task force’s designated email.

Read also: Coinbase v. US SEC: The US SEC is “pouring new crypto wine into old regulatory bottles.”—US Court of Appeal.

Uyeda’s appointment as Acting Chair

The US SEC announced President Donald J. Trump’s appointment of Uyeda as its Acting Chairman on 21 January. Uyeda described it as an honor to serve in the capacity of US SEC Acting Chairman having been a Commissioner since 30 June 2022 and a staff member since 2006.

“I have great respect for the knowledge, expertise, and experience of the agency and its people. The US SEC has a vital mission—protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation—that plays a key role in promoting innovation, jobs creation, and the American Dream,” Uyeda said.

Uyeda was re-nominated as Commissioner and confirmed for a five-year term until 2028. During President Trump’s first term, Uyeda served On Detail to senior leadership at the U.S. Department of the Treasury and to Secretary Eugene Scalia at the U.S. Department of Labor. At the SEC, he has served as Senior Advisor to Chairman Jay Clayton, Counsel to Commissioners Michael S. Piwowar and Paul S. Atkins, and Assistant Director and Senior Special Counsel in the Division of Investment Management.

Uyeda has a rich work experience within the securities sector. Before joining the US SEC, he served as Governor Arnold Schwarzenegger Chief Advisor to the California Corporations Commissioner, the state’s securities regulator. He worked as a corporate and securities attorney at Kirkpatrick & Lockhart in Washington, D.C., and O’Melveny & Myers in Los Angeles, earlier in his career. He has a bachelor’s degree in business administration from Georgetown University in 1992 and a law degree with honors from Duke University.

Read also: Anticipation of a new pro-crypto administration in the US boosts confidence in crypto—The Block’s Report.

Commissioner Pierce

Commissioner Hester M. Peirce was appointed by President Trump to the US SEC in January 2018. Before joining the US SEC, Peirce was a researcher on financial markets regulation at George Mason University. She served as Senior Counsel in the US Senate Committee on Banking, Housing, and Urban Affairs, where she advised members of the Committee on securities issues.

At the US SEC, Peirce served as counsel to Commissioner Paul S. Atkins. She also served as a Staff Attorney in the SEC’s Division of Investment Management. 

Peirce was an associate at Wilmer, Cutler & Pickering (now WilmerHale) and a clerk to Judge Roger Andewelt on the Court of Federal Claims. She holds a bachelor’s degree in Economics from Case Western Reserve University and a Juris Doctor from Yale Law School.

A vocal voice on crypto assets regulation, Peirce stated in an interview in May 2022 that the US had “dropped the regulatory ball” with respect to cryptocurrency regulation. “We’re not allowing innovation to develop and experimentation to happen in a healthy way, and there are long-term consequences of that failure,” she added.

In June 2022, in her capacity as a Commissioner at the US SEC, Peirce argued that “it is time for the Commission to stop denying categorically spot crypto exchange-traded products.”

As has been reported earlier, the new Trump’s administration is considered by many to bring a fresh, gentle breeze to the crypto industry as opposed to what has been generally criticised as Biden administration’s whirlwind. With the launching of the new crypto task force, there is higher anticipation for a friendlier US SEC’s approach to crypto assets.

Read also: Trump’s Executive Order on Digital Assets: Policy Implications

 

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Jude Ayua is a policy analyst at CAB. A lawyer, Jude is an associate at Infusion Lawyers where he is a member of the Blockchain & Virtual Assets Group. He is also a member of the Policy & Regulations Committee of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN). Jude reports and writes on crypto policy and regulations. jude@infusionlawyers.com