The U.S. Securities and Exchange Commission (SEC) has unveiled a new initiative to establish a clearer regulatory framework for cryptocurrency. Acting Chairman Mark T. Uyeda announced on Monday the creation of “a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets.” Commissioner Hester Peirce, often referred to as “Crypto Mom” for her advocacy of innovation in the digital asset space, will lead the effort. Senior Advisors Richard Gabbert and Taylor Asher will support the initiative as Chief of Staff and Chief Policy Advisor, respectively.

The SEC acknowledged that its historical reliance on enforcement actions has been insufficient for effectively regulating the fast-evolving crypto sector. In a statement, the agency noted:

To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way … The SEC can do better.

“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,” the securities watchdog elaborated.

This sentiment was echoed by Stuart Alderoty, Chief Legal Officer at Ripple, who commented on social media platform X: “Thank you, Acting Chairman Uyeda, for saying it: The SEC’s war on crypto created ‘confusion about what is legal’ and ‘an environment hostile to innovation and conducive to fraud.’ Looking forward to working with the Crypto Task Force to undo the prior administration’s damage.”

The task force aims to tackle these challenges by clarifying regulatory guidelines, establishing practical registration pathways, improving disclosure standards, and streamlining enforcement efforts. It will also collaborate with Congress, federal agencies, and international regulators.

Commissioner Peirce highlighted the importance of collaboration in the success of this effort. She explained: “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.” The Commissioner added:

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.

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