Author
Steve Muchoki
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Key Notes
- Task force aims to foster collaboration between regulators and industry stakeholders, working closely with CFTC for comprehensive oversight.
- Previous enforcement-focused approach cost companies like Ripple Labs over $100M in legal fees, highlighting need for regulatory clarity.
- Market responds positively with US crypto projects valued at $544B, as new leadership promises innovation-friendly regulatory environment.
As the Donald Trump administration settles down with dozens of Executive Orders, the acting chairman of the United States Securities and Exchange Commission (SEC), Mark Uyeda, has launched a crypto task force to establish a clear regulatory framework for the nascent industry. The new crypto task force will be led by Commissioner Hester Peirce, while Richard Gabbert and Taylor Asher will act as the task force’s Chief of Staff and Chief Policy Advisor respectively.
The newly created crypto task force will operate within the statutory framework provided by the US Congress. Furthermore, the current US Congress is committed to establishing clear crypto and Web3 regulations that foster mainstream adoption in a safer environment for all investors.
“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,” Commissioner Peirce, noted.
The crypto task force will also work closely with other federal departments and agencies, especially with the Commodity Futures Trading Commission (CFTC) to ensure the Web3 industry has a clear regulatory framework. Moreover, the United States under Donald Trump intends to help Web3 innovators understand the securities laws and eliminate confusion in the nascent industry, which yielded hostility to digital assets and enabled fraudulent practices.
Meanwhile, Trump’s nominee for the US SEC Chair Paul Atkins is waiting for Senate confirmation to step in and replace Gary Gensler for the next four years.
Market Impact of the US SEC Crypto Task Force
The cryptocurrency industry in the United States will significantly benefit from the newly launched SEC task force. Moreover, the previous federal administration was accused of regulating the cryptocurrency market through enforcement, which resulted in heavy losses for web3 companies in the country.
For instance, Ripple Labs has spent more than $100 million in legal fees fighting the US SEC to provide clear regulatory guidelines despite the court ruling that XRP $2.42 24h volatility: 2.5% Market cap: $139.89 B Vol. 24h: $4.63 B sales on CEXes are not securities.
According to the latest market data, the crypto projects made in the United States have a total valuation of about $544 billion and an average 24-hour trading volume of around $68 billion.
The expected clearer crypto regulations under the Trump administration are expected to help attract more institutional investors in the digital assets space. Already, REXShares and Ospreys Funds have filed for a series of crypto spot ETFs, which include memecoins led by TRUMP, Dogecoin DOGE $0.25 24h volatility: 0.4% Market cap: $37.28 B Vol. 24h: $1.23 B , and Solana’s Bonk BONK $0.000017 24h volatility: 0.5% Market cap: $1.35 B Vol. 24h: $103.17 M .
Ultimately, the altcoin industry will heavily benefit from the clear crypto regulations in the United States, as Bitcoin BTC $96 424 24h volatility: 1.4% Market cap: $1.91 T Vol. 24h: $30.63 B is understood as a commodity akin to Gold.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Managing Editor
Marco T. Lanz
