Commissioner Pierce Outlines Priorities for Crypto Task Force
On February 4, Securities and Exchange Commission (SEC) Commissioner Hester Pierce released a statement detailing the areas of focus for the SEC’s Crypto Task Force. Commissioner Pierce made note that some of these may take time to accomplish because “it took us a long time to get into this mess, and it is going to take us some time to get out of it.” She notes that the Commission will work alongside other regulators to create a regulatory framework that protects investors and while supporting product innovation. She also notes “Where Congress has directed the Commission to impose requirements on market participants, SEC rules will not let you do whatever you want, whenever you want, however you want.” Commissioner Pierce added that the Commission will use enforcement powers as necessary. Some of the Task Force priorities include:
- Status of crypto assets under the securities laws;
- Potentially modify existing paths to registration;
- Custody Solutions for Investment Advisers;
- Clearing agency and transfer agent rules; and
- Clarifying rules around the approval/disapproval of Exchange-Traded Products.
Commissioner Pierce’s remarks include a request for engagement from stakeholders and industry experts. In her remarks she added, “if people want to buy a token or product that lacks a clear long-term value proposition, they should feel free to but should not be surprised if someday the price drops… people must decide for themselves, not look to Mama Government to tell them what to do or not to do, nor to bail them out when they do something that turns out badly.”
Click here to read Commissioner Pierce’s full remarks.
Click here to visit the SEC’s Crypto task Force website.