The US Securities and Exchange Commission’s (SEC) Crypto Task Force is inching toward full operations following the unveiling of team members. US SEC Commissioner Hester Pierce has assembled a dream team cutting across several departments and units of the securities watchdog.
The SEC’s newly minted Crypto Task Force is raring to go following the confirmation of team members by Pierce. The US SEC Commissioner disclosed the team’s composition in a press release, hinting at a varied selection process.
Pierce stated that the team comprises staff from the Acting Chairman’s office and several divisions within the SEC. Led by Pierce, the Commissioner had a free rein to select the task force members.
“The Crypto Task Force exhibits deep expertise and an enthusiastic commitment to identifying -with the help of other talented staff across the Commission and interested members of the public – workable solutions to difficult crypto regulatory problems.
The 15-man team comprises a Chief of Staff, a Chief Counsel, a Chief Policy Advisor, and a Chief of Operations. The remaining ranks are made up of 10 senior advisors drawn from various units within the US SEC.
Within days of assuming office, Acting US SEC Chair Mark Uyeda launched the Crypto Task Force to give the agency new direction. The agency is tasked with establishing the criteria for determining whether or not a cryptocurrency is a security.
Weeks after the announcement of the task force, the SEC disclosed that memecoins are not securities, urging the public to remain wary of scams.
Pierce has hailed the new direction of the task force while criticizing regulation by enforcement during the Gensler era. The task force will be the main advisory body to the SEC on crypto-related matters.
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