The SEC of the United States Establishes a Cryptocurrency Working Group to Promote Transparency in Regulatory Frameworks

The U.S. Securities and Exchange Commission (SEC) has announced the establishment of a new cryptocurrency working group aimed at creating a comprehensive and transparent regulatory framework for digital assets. Acting Chairman Mark T. Uyeda announced the plan and appointed Commissioner Hester Peirce to lead the group. The group will include experts from various SEC divisions and offices and will collaborate with stakeholders from both the public and private sectors. The SEC's approach to cryptocurrency regulation has faced criticism for being overly reliant on enforcement actions, leading to unclear compliance requirements for market participants. Uyeda acknowledged this challenge and stated that the SEC needs to improve. The working group's objectives include: defining clear regulatory boundaries for crypto assets, developing practical accounting methods for crypto assets, creating a reasonable reporting framework, and ensuring the wise use of applied resources. The group will operate within a framework set by Congress and provide technical support when considering regulatory changes. It will also coordinate efforts with other federal agencies, states, and international regulatory bodies.