SEC Acting Chairman Mark T. Uyeda announced the creation of a task force focused on establishing a comprehensive regulatory framework for crypto assets. Commissioner Hester Peirce will lead the initiative, with Richard Gabbert serving as Chief of Staff and Taylor Asher as Chief Policy Advisor.
The Crypto Task Force will help to draw clear regulatory lines, appropriately distinguish securities from non-securities, craft tailored disclosure frameworks, provide realistic paths to registration for both crypto assets and market intermediaries, ensure that investors have the information necessary to make investment decisions, and make sure that enforcement resources are deployed judiciously.
The task force will bring together agency experts to collaborate with SEC staff and the public in shaping a regulatory approach that aligns with existing laws. Until now, the SEC has primarily relied on enforcement actions, often applying novel legal interpretations retroactively.
This approach has led to uncertainty over compliance requirements, creating challenges for industry participants while failing to curb fraudulent activities.
The task force aims to establish clear regulatory boundaries, provide practical registration processes, design effective disclosure frameworks, and allocate enforcement resources strategically. It will operate within existing laws while assisting Congress in any legislative updates.
Coordination with federal agencies, such as the Commodity Futures Trading Commission, as well as state and international regulators, will be a key priority.
Acting Chairman Uyeda expressed confidence in Commissioner Peirce’s leadership, emphasizing the need for collaboration across SEC divisions.

Success depends on input from investors, industry leaders, academics, and other stakeholders. Our goal is to create a regulatory environment that protects investors, supports capital formation, strengthens market integrity, and fosters innovation.
SEC Acting Chairman Mark T. Uyeda
The Crypto Task Force seeks to provide clarity on the application of the federal securities laws to the crypto asset market and to recommend practical policy measures that aim to foster innovation and protect investors.
The crypto road trip on which the newly announced Crypto Task Force
The crypto road trip on which the newly announced Crypto Task Force has embarked likewise should be more enjoyable and less risky than the crypto road trip the Commission has taken the industry on for the last decade. On that last trip, the Commission refused to use regulatory tools at its disposal and incessantly slammed on the enforcement brakes as it lurched along a meandering route with a destination not discernible to anyone (see about Crypto Fundraising).
But just as modern technology does not eliminate the risks of taking to the open road, this new journey toward regulatory clarity still presents dangers, and both the Commission and the public need to stay alert and aware of the risks and opportunities that may lie ahead.
I am delighted to be accompanied on the journey by a wonderful team of talented SEC staff, and we look forward to engaging with many enthusiastic members of the public who will help us navigate on this journey. With all that assistance, I am hopeful that we will arrive at a place that is better than we could have imagined as we were careening down the road on the previous crypto road trip. Before I discuss the promise and opportunity the task force represents, let me offer some important disclaimers.
SEC’s new Crypto Task Force

First, despite now being charged with leading the SEC’s new Crypto Task Force, “the views that I express are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners”, Hester Peirce says. Commission positions always require a vote of the Commission.
Second, “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”. The Commission has engaged with the crypto industry in one form or another for more than a decade. The first bitcoin exchange-traded product application hit our doorstep in 2013, and the Commission brought a fraud case that had a tangential crypto element that same year (see about New Trends in the Use Crypto by Criminals).
In 2017, we issued the DAO Section 21(a) report, which reflected the first application of the Howey test in this context.
Since then, there have been many enforcement actions, a number of no-action letters, some exemptive relief, endless talk about crypto in speeches and statements, lots of meetings with crypto entrepreneurs many inter-agency and international crypto working groups, discussion of certain aspects of crypto in rulemaking proposals, consideration of crypto-related issues in reviews of registration statements and other filings, and approval of numerous SRO proposed rule changes to list crypto exchange-traded products.
Throughout this time, the Commission’s handling of crypto has been marked by legal imprecision and commercial impracticality. Consequently, many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo.
Determining how best to disentangle all these strands, including ongoing litigation, will take time. It will involve work across the whole agency and cooperation with other regulators. Please be patient. The Task Force wants to get to a good place, but we need to do so in an orderly, practical, and legally defensible way.
Task Force wants to travel to a destination where people have great freedom
Third, the Task Force wants to travel to a destination where people have great freedom to experiment and build interesting things, and which will not be a haven for fraudsters.
One of the reasons the U.S. capital markets are so robust, efficient, and effective is that we have rules designed to protect investors and the integrity of the marketplace, and we enforce those rules. We do not tolerate liars, cheaters, and scammers.
As the Task Force works to help develop this regulatory framework, it will give careful consideration to antifraud protections. If the Commission spots fraud that lies outside jurisdiction, it can refer the matter to a sister regulator. If it does not fall within any regulator’s jurisdiction, the Commission can bring that gap to Congress’s attention (see about FATF Updates Guidance on Virtual Crypto Assets – NFT, DeFi & Stablecoin’s Standards).
Task Force is working to help create a regulatory framework

Fourth, the Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives—including protecting investors—and preserves industry’s ability to offer products and services.
This framework will be within the statutory authority given to the Commission, and we will work with other regulators operating within their own statutory authorities.
The statutes already on the books do not allow a free-for-all for products that fall within our jurisdiction. Congress has put parameters in place, and the Commission will apply them. Congress also has given us exemptive authority, and the Commission will use it, as appropriate.
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”, Hester Peirce says.
Some of these rules will impose costs and other compliance burdens that some may find irritating, and the Commission will use its enforcement tools when necessary to pursue noncompliance.
Commission staff is working hard to process applications for exemptive relief
Fifth, the Commission staff is working hard to process applications for exemptive relief, requests for no-action letters, and registration statements, but an uptick in the volume is likely to prove challenging.
Adherence to technical and legal requirements, well-reasoned legal analysis, and thorough and timely responses to staff questions help to conserve Commission resources and makes for a quicker, smoother trip toward the destination of greater regulatory clarity.
As always, such diligence will help an application move through the approval process more smoothly; conversely, the absence of it may cause unnecessary delays. Being first in the door may not mean being first out the door.
New commitment to a better regulatory environment
Sixth, the new commitment to a better regulatory environment should not be viewed as an endorsement of any crypto coin or token.
Regardless of whether those tokens or coins fall within our jurisdiction, the Commission never endorses any product or service; there is no such thing as an SEC seal of approval. Spinning up coins and tokens is easy.
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.
In this country, people generally have a right to make decisions for themselves, but the counterpart to that wonderful American liberty is the equally wonderful American expectation that 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.
Now, with those rather gruff disclaimers out of the way, let’s talk a bit about what the Task Force is working on with staff across the Commission’s policy divisions.
We will collaborate with others across the federal government, with state securities regulators, and with our international counterparts. We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime.
The Crypto Task Force collaborates with Commission staff and the public to help chart a new approach to the regulation of crypto assets. The scope of the Crypto Task Force’s focus will include assets colloquially referred to as digital assets, crypto assets, cryptocurrencies, digital coins and tokens, as well as protocols.
The members of the Crypto Task Force look forward to engaging with members of the public on these issues through meetings, information requests and roundtable discussions. The Crypto Task Force’s work will coordinate with relevant regulators across the government.
FAQ
The SEC Crypto Task Force is a newly formed initiative led by Commissioner Hester Peirce. It aims to develop a clear regulatory framework for crypto assets, establish practical registration processes, define disclosure requirements, and allocate enforcement resources effectively.
The SEC has primarily relied on enforcement actions to regulate crypto, often applying untested legal interpretations retroactively. This approach has created uncertainty and hindered innovation. The task force seeks to establish clear regulatory guidelines and ensure compliance within existing laws.
The task force will:
Differentiate between securities and non-securities
Establish practical registration paths for crypto assets and intermediaries
Develop disclosure frameworks for investor protection
Ensure enforcement actions are used appropriately
Collaborate with Congress, federal agencies, and international regulators
The task force aims to provide clarity on how federal securities laws apply to crypto. It will work with policymakers to refine regulations, ensure investor protection, and support responsible innovation while reducing fraud and market uncertainty.
Yes, but with a more structured approach. The task force will recommend ways to enforce regulations fairly while allowing space for legitimate market participants to operate. The SEC will also use its exemptive authority where appropriate.
The task force will engage with investors, industry leaders, and academics through meetings, public information requests, and roundtable discussions. Stakeholders are encouraged to share insights and provide feedback on proposed regulatory measures.
No. The SEC does not endorse or approve any specific cryptocurrencies, tokens, or projects. Investors should conduct due diligence before making decisions, as the SEC will not intervene in market-driven risks associated with digital assets.