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The Trump administration took its first step on Tuesday towards reducing regulatory barriers for the cryptocurrency industry.

In a move eagerly awaited by digital asset enthusiasts, the Securities and Exchange Commission (SEC) announced that Acting Chair Mark Uyeda has launched a “crypto task force” to create a clear and comprehensive regulatory framework for crypto assets.

During his presidential campaign, Trump promised to create a crypto-friendly environment for the $3.7 trillion industry.

While Uyeda announced the task force, SEC Commissioner Hester Peirce will lead the initiative.

Uyeda is currently holding the chair position until Paul Atkins is confirmed, and he will also oversee the allocation of enforcement resources.

The SEC’s goal is to establish a straightforward set of rules for the industry while addressing concerns about cryptocurrency registration.

“We look forward to collaborating with the public to create a regulatory environment that protects investors, encourages capital formation, promotes market integrity, and supports innovation,” Peirce stated.

Following the announcement, Bitcoin surged by about 2.4%, reaching over $106,000.

Just before taking office, Trump showed his support for digital currencies by launching his meme coin, $TRUMP, along with $Melania, named after First Lady Melania Trump. Both tokens experienced quick price surges, followed by sharp declines.

The Trump administration’s stance on crypto is in contrast to the approach under former President Joe Biden.

During Biden’s presidency, former SEC Chair Gary Gensler was seen as a major opponent of the industry, pushing for strict regulations and resisting efforts to establish crypto exchange-traded funds. He also filed enforcement cases against industry leaders.

“Clarity regarding who needs to register and practical solutions for registration have been unclear, leading to confusion and creating an environment that stifles innovation and fosters fraud,” the SEC’s announcement stated. “The SEC can do better.”

The task force plans to hold public hearings and gather input from the industry. It will also collaborate with other federal agencies, including the Commodity Futures Trading Commission (CFTC).

“This undertaking will take time, patience, and much hard work. 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,” Peirce said.

The Task Force anticipates holding roundtables in the future, but in the meantime welcomes public input at Crypto@sec.gov.  

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