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SEC Launches Crypto 2.0 Task Force Led by ‘Crypto Mom’
Regulation | Jan 22, 2025
Image: Freepik
Peirce and Uyeda to Develop Regulatory Framework for Digital Assets in the United States
Mark Uyeda, the acting Chairman at the U.S. Securities and Exchange Commission (SEC) published a press release today announcing the establishment of a Crypto 2.0 Task Force to develop a comprehensive regulatory framework for digital assets to be led by Commissioner Hester Peirce otherwise known as 'Crypto Mom' for her well documented pro-innovation views. Other members of the task force include Richard Gabbert and Taylor Asher, to serve as Chief of Staff and Policy Advisor for the 2.0 task force, respectively.
Why Setup the Crypto 2.0 Task Force
The Crypto 2.0 Task Force is in response to the 'head scratching' issues with the SEC's regulatory approach to digital assets which has largely relied on regulating via enforcement. The lack of regulatory clarity has stifled innovation, causing innovators huge delays, legal risks and in many cases project abandonment. The unclear regulatory landscape also created an environment conducive to fraud, undermining investor confidence and market integrity.
See: SEC Files Appeal Brief as XRP Hits Record High
In the release, the SEC acknowledged that 'The SEC can do better" at crafting a framework that balances innovation while protecting investors. Yes, it is possible, and so with the establishment of the Crypto 2.0 Task Force, the SEC gets another kick at the can to add clarity on who must register and 'practical solutions' for companies looking to register. Further, the Task Force will work with Congress and coordinate with the various federal agencies including the Commodity Futures Trading Commission, and states along with global counterparts to implement a structured and transparent regulatory framework.
Task Force Perspectives
Commissioner Hester Peirce
Commissioner Peirce (often referred to as "Crypto Mom") has consistently advocated for clear and practical crypto regulations, and emphasized that enforcement actions alone are insufficient for providing regulatory clarity. Previously, Peirce also highlighted the importance of inclusive decision making within the SEC and criticized the act of issuing significant regulatory measures without comprehensive industry consultation, saying "Rules of such broad effect should be set by the full Commission, not by staff answering only to the Chairman."
See: Fidelity Report Insights on Digital Assets in 2025
Commissioner Peirce in a 2021 interview said:
"We want to provide people clear guidelines ahead of time and then they can figure out how they can do something so that it is legal."
Acting Chairman Mark T. Uyeda's
Previously, the Acting Chairman Mark T. Uyeda has shown commitment to fostering innovation and expanding access to private markets. Uyeda, in collaboration with Peirce, opposed restrictive wealth thresholds for the definition of accredited investors, and instead advocated for criteria that focused on knowledge and risk awareness over financial benchmarks.
Richard Gabbert, Chief of Staff
Richard Gabbert serves as the Crypto 2.0 Task Force's Chief of Staff. Previously, he was Counsel to Commissioner Hester Peirce, advising on various regulatory matters including over-the-counter derivatives market reforms mandated by the Dodd-Frank Act. Before joining the Commissioner's office, Gabbert was a Senior Special Counsel in the SEC's Office of Derivatives Policy within the Division of Trading and Markets, where he led rule making teams addressing the cross-border regulation of derivatives markets. While his direct statements on cryptocurrencies are not widely publicized, his background suggests a focus on clear regulatory guidelines and market integrity.
Taylor Asher, Chief Policy Advisor
Taylor Asher is the Chief Policy Advisor for the task force. Prior to this role, Asher served as a Confidential Assistant and Policy Advisor to Commissioner Mark T. Uyeda. Although public statements from Asher about crypto are limited, his role highlights involvement in shaping policy decisions related to digital assets.
Outlook and Next Steps
The Task Force anticipates hosting various expert roundtables in the future but wants everyone to know that they welcome public input, and in the meantime send feedback to: Crypto@sec.gov.
See: Crypto Mom & Uyeda Defend Flyfish Club NFTs as Utilities
With Commissioner Perice's leadership and contributions from seasoned experts, Richard Gabbert and Taylor Asher, the Crypto 2.0 Task Force has the potential to create a more inclusive, transparent, and dynamic crypto ecosystem in the U.S.. One that balances innovation and investor protection by prioritizing clear guidelines and stakeholder collaboration.
Commissioner Peirce:
“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."
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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