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Hester Peirce’s Crypto Taskforce Roadmap: What’s Next for Regulation?
Crypto Regulation | Feb 6, 2025
Image: Commissioner Hester M. Peirce
SEC's New Crypto 2.0 Task Force Begins Journey Towards Regulatory Clarity in Digital Assets
On Jan 21, 2025, the U.S. Securities and Exchange Commission (SEC) announced the formation of a Crypto 2.0 Task Force dedicated to the development of a comprehensive and clear regulatory framework for digital assets. The task force, led by Commissioner Peirce (aka Crypto Mom), has recently published a post on the SEC's website titled 'The Journey Begins' that serves as the starting point of much work ahead, and sets the tone and direction of a new chapter of crypto regulations in the United States.
For years, the SEC has been criticized for its "regulation by enforcement" approach and thumbing down innovative crypto firms without providing a clear regulatory framework. The result has been a train wreck that caused frustration among crypto entrepreneurs and investors who were forced to walk down a path of uncertainty and unnecessary risk.
Peirce acknowledged these challenges in her new role:
"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."
Where They Want to Go
The newly formed Crypto Task Force is chaired by Peirce with Richard Gabbert serving as Chief of Staff and Taylor Asher as Chief Policy Advisor. They are charting a new course with a mandate that includes:
See: Regulatory Clarity for Crypto: Sacks Unveils U.S. Strategy
- Engaging with SEC staff and the public to inform crypto regulation
- Developing clear registration pathways for digital asset firms
- Establishing disclosure frameworks for crypto projects
- Reassessing enforcement strategies to ensure a more effective regulatory approach
- Coordinating with other regulators like the Commodity Futures Trading Commission (CFTC) and international agencies
10 Key Areas of Focus (Roadmap)
In her post, Commissioner Peirce laid out the following ten priorities that will guide the task force's work:
- Defining Crypto Assets – Clarifying which digital assets qualify as securities
- Jurisdictional Boundaries – Determining which aspects of crypto fall outside the SEC's authority
- Token Offering Relief – Exploring temporary exemptions for compliant crypto projects
- Registration Options – Modifying existing rules like Regulation A and crowdfunding to make token registration easier
- Broker-Dealer Policies – Updating rules to allow broker-dealers to handle both security and non-security tokens
- Custody Solutions – Establishing safe and compliant ways for firms to store crypto assets
- Crypto Lending & Staking – Providing clarity on how these activities fit into securities laws
- Crypto ETFs & ETPs – Offering clear guidelines on approving crypto exchange-traded products
- Clearing & Transfer Agents – Addressing how blockchain technology interacts with these roles
- Cross-Border Collaboration – Creating international regulatory sandboxes to test crypto innovation
See: UK’s Regulatory Crypto Roadmap from Sandbox to Mainstream
All told, the task force is a welcomed policy shift in how in the SEC approaches crypto. One that is moving from a reactive enforcement by regulation approach to one that is a proactive regulatory framework. One of transparency and stakeholder engagement. However in her note, Commissioner Peirce stresses the need for patience:
"We need to do this in an orderly, practical, and legally defensible way."
The Journey Ahead
The SEC has launched a consultation process, inviting crypto industry participants such as startups, investors, developers, and policymakers to share their insights and help create the future of digital asset regulation (i.e., voice concerns, suggest improvements), and engage directly with regulators to build a robust and effective framework. Crypto Mom and the Task Force highlight that successful regulation requires collaboration.
See: Balancing Fintech Innovation and Regulation
The SEC has launched a dedicated webpage for the crypto task force and welcomes feedback via email (crypto@sec.gov). Industry participants are encouraged to submit written comments, request meetings, and take part in discussions about potential regulatory changes. With active participation from the crypto community, we're hopeful that the final destination benefits all stakeholders in the digital asset ecosystem.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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