The US SEC is Creating a "Cryptocurrency Task Force" to Develop a Comprehensive and Clear Regulatory Framework for Crypto Assets

This is reported by CNBC, according to UNN.

The Donald Trump administration announced the first real step towards reducing regulation for the cryptocurrency industry by introducing an initiative to create a common regulatory framework for digital assets.

The U.S. Securities and Exchange Commission (SEC) has announced that Acting Chairman Mark Ueda has launched a “cryptocurrency task force” that will focus on providing transparency for the $3.7 trillion cryptocurrency market. The initiative will be led by SEC Commissioner Hester Pierce.

The SEC’s task will be to develop a clear set of rules and resolve issues related to the registration of coins.

“We look forward to working hand-in-hand with the public to create a regulatory environment that protects investors, fosters capital formation, promotes market integrity and supports innovation,” the SEC said in a statement.

Following this announcement, the bitcoin rate rose by about 2.4% to over $106K.

It is noteworthy that shortly before his inauguration, Trump voiced his support for digital currencies by issuing his own meme coin called $TRUMP, while First Lady Melania Trump issued a meme coin called $Melania. Both tokens quickly surged before nosediving.

The White House’s view of cryptocurrencies is sharply different from that of Joe Biden when he was president. Then-SEC Chairman Gary Gensler was considered an enemy of the industry The Cryptocurrency Working Group plans to organize public hearings and solicit opinions from various stakeholders, including investors, academics, and industry leaders. It also plans to collaborate with other federal agencies, such as the Commodity Futures Trading Commission (CFTC), to unify regulations.