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Approximately two weeks after the SEC formed the Cryptographic Task Force, unit leader Hesterpearth checked in.
A rough message: We’re working on a lot, but be patient.
Peirce (no surprise) criticized the previous path the SEC took. “We constantly denounced the enforcement brake because we were hiding along a winding route at a destination that no one could identify.”
Furthermore, the handling of cryptography is “marked by legal inaccuracy and commercial impracticality” (if you weren’t yet aware of how Peirce feels).
She noted several times that “removing all these strands” would take time. Contains ongoing litigation. Apparently relevant, the SEC is planning to reduce staff focused on crypto enforcement actions, the New York Times reported.
Among the 10 priorities listed, Pierce points out the status of crypto assets under the Securities Act as “the basis for solving many other questions.” This was a jibe with Bitwise general counsel Katherine Dowling, who talked about “fish net dolphins.”
Another priority is to identify areas outside the jurisdiction of the SEC. This is a signal that the engine intends to stay in its lane.
Other focuses include creating a framework for detaining client assets. Make it clear whether or not your crypto lending and staking programs are covered by securities laws. Create some sort of cross-border sandbox for crypto projects.
With Crypto ETF, Peirce promises that the task force will be clear about its approach when approving/disapproving a planned product. The publisher added that the SEC may need to advance custody (and other) issues first, as they attempt to add staking and apple pieces/red to existing products .
The SEC is “working towards these goals in an orderly, practical, and legally defensible way,” Peirce revealed.
And she reminds those who are passionate about change.
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