Trump’s Securities and Exchange Commission has launched a “cryptocurrency task force” to establish clear regulations for the industry

The Trump administration took its first steps on Tuesday toward an expected lowering of regulatory barriers for cryptocurrencies.

In a long-awaited move from the digital asset industry,… The Securities and Exchange Commission announced Acting President Mark Ueda launched a “crypto mission” aimed at “developing a comprehensive and clear regulatory framework for crypto assets.”

During the presidential campaign, Trump promised cryptocurrency-friendly management of the $3.7 trillion industry.

Although Ueda announced the initiative, it will be led by SEC Commissioner Hester Peirce. Ueda serves as president until Paul Atkins goes through the confirmation process and provides implementation resources.

According to the SEC’s announcement, the commission’s mission will be to develop a clear set of rules while also addressing issues related to coin registration.

“We look forward to working alongside the public to foster a regulatory environment that protects investors, facilitates capital formation, enhances market integrity, and supports innovation,” Pearce said.

Bitcoin rose after the announcement, nearly 2.4% to more than $106,000.

Just before his inauguration, Trump affirmed his support for cryptocurrencies by launching his own meme coin, called $TRUMP, while First Lady Melania Trump’s, called $Melania. Both tokens saw rapid price increases before falling sharply.

The White House’s view on cryptocurrencies differs sharply from when Joe Biden was president. Then-SEC Chairman Gary Gensler was seen as an enemy of the industry.

During Gensler’s time on the committee, he resisted efforts to create cryptocurrency exchange-traded funds, supported strict accounting policies and brought enforcement cases against industry leaders.

“Clarity about who must register, and practical solutions for those seeking registration, have been elusive. The result has been confusion about what is legal, creating an environment hostile to innovation and conducive to fraud,” the commission’s announcement said. “The SEC can do better.”

The task force intends to hold public hearings and seek input from industry. It will work with federal departments and agencies, including the Commodity Futures Trading Commission.

“This project will take time, patience and a lot of hard work. It will only succeed if the task force gets input from a broad range of investors, industry participants, academics and other interested parties,” Pierce said.