“Crypto Mom” Hester Peirce to Lead New SEC Crypto Task Force

The announcement was made in an official SEC press release on January 21, 2025.

Acting SEC Chair Mark Uyeda stated that the task force’s primary objective is to establish a “comprehensive and clear regulatory framework” for digital assets.

This initiative marks a significant shift from the SEC’s previous enforcement-heavy approach to cryptocurrency regulation.

Hester Peirce, an SEC Commissioner widely known as “Crypto Mom” for her criticism of the agency’s strict measures against crypto companies, has been appointed to lead the task force.

Acting SEC Chair Mark Uyeda.

Source: CSO Futures

“I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices,” said Uyeda.

A New Direction for Cryptocurrency Regulation

The SEC’s newly established cryptocurrency task force will include Richard Gabbert, Senior Advisor to Acting SEC Chair Mark Uyeda, who will serve as Chief of Staff. Taylor Asher, another advisor to Uyeda, has been named Lead Policy Advisor.

The task force will focus on creating clear regulatory frameworks, establishing straightforward registration procedures for cryptocurrency companies, and implementing robust disclosure standards.

“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of industry participants, academics, and other interested parties. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation,” said Hester Peirce.

Hester Peirce, Head of the SEC’s Crypto Task Force.

Source: WSJ

The task force also plans to work closely with Congress and other federal agencies, including the Commodity Futures Trading Commission (CFTC), to coordinate efforts and clarify jurisdictional boundaries.

Moving Away from Gensler’s Legacy

The SEC’s creation of a cryptocurrency task force comes in the wake of former Chair Gary Gensler’s resignation. Gensler was known for his aggressive enforcement-focused approach to the crypto industry, which often drew criticism for creating uncertainty and stifling innovation.

Critics argued that his policies lacked clarity, leaving businesses and investors unsure of what constituted lawful activity.

“The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The SEC can do better,” the agency stated in a press release.

Political Backdrop

President Donald Trump has nominated Paul Atkins to take over as SEC Chair, but his confirmation is still pending in the Senate. In the interim, Mark Uyeda is serving as acting Chair.

The announcement of the cryptocurrency task force has garnered significant attention across the industry, with many speculating that it could mark a major shift in how digital assets are regulated in the United States.

The task force aims to prioritize transparency and collaboration, signaling a potential new era for the crypto sector. The coming months are expected to be pivotal for both the industry and its stakeholders.

Profile: Hester Peirce

Professional Background:

Before joining the SEC, Hester Peirce served as the Director of the Financial Markets Working Group at George Mason University's Mercatus Center. She also worked as Senior Counsel on the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

Career at the SEC:

• In 2017, Peirce was confirmed by the U.S. Senate as a Commissioner of the SEC.
• In 2020, she was reappointed for a second term as SEC Commissioner.

Known as “Crypto Mom” for her staunch support of digital assets and criticism of excessive regulation, Peirce has emerged as one of the most prominent advocates for innovation in financial markets.

She has frequently called for the SEC to be “a bit more nimbler with respect to innovation.”