Trump, who ran his campaign promising to be the "crypto president," vowed to reverse the repressive measures in the industry implemented by President Joe Biden's Securities and Exchange Commission, which has sued several cryptocurrency companies, including Coinbase and Kraken, alleging they violated its regulations.
These companies deny the allegations, arguing that SEC rules are not suitable for cryptocurrencies and that it’s unclear when a crypto token qualifies as a security and thus falls under SEC oversight. The industry has been urging the SEC for years to establish clear regulations for cryptocurrencies.
Republican Mark Uyeda, whom Trump appointed as acting chairman of the SEC, along with fellow Republican Hester Peirce, represents the first political victory for the crypto industry under the new administration.
“The working group will focus on assisting the Commission in establishing clear regulatory lines, providing realistic pathways for registration, developing reasonable disclosure frameworks, and appropriately allocating law enforcement resources,” the statement from Uyeda’s office said.