Yesterday was crypto day for US regulators and legislations. Securities and Exchange Commission (SEC) Commissioner Hester Peirce outlined her crypto plans, as the acting Chair Uyeda appointed members to the Crypto Task Force. On the commodities front, the Commodity Futures Trading Commission (CFTC) confirmed its shift away from regulation by enforcement. The House and Senate Committees that oversee the SEC and CFTC announced they planned to work together to rollout stablecoin and broader crypto regulation. The Senate hopes to have the GENIUS stablecoin Bill sponsored by Senator Hagerty on the President’s desk within 100 days.
In a statement from Commissioner Peirce she wrote, “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,” adding that “Throughout this time, the Commission’s handling of crypto has been marked by legal imprecision and commercial impracticality.”
However, the increased volume of exemptive relief, requests for no-action letters, and registration statements will take time to process.
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