U.S. Securities & Exchange Commission Commissioner Hester M. Peirce, in her capacity as head of the SEC’s newly formed Crypto Task Force, published a statement setting out the Task Force’s initial areas of work to develop greater regulatory clarity for crypto assets and to structure engagement with market participants and the public. The statement also pointed to the rescission of Staff Accounting Bulletin 121 as an early milestone, while stressing that formal SEC positions require Commission votes and that work will proceed within existing statutory authority and with attention to antifraud protections. The workplan includes examining when different crypto assets are securities, and using staff no-action letters as an initial tool to clarify areas outside the SEC’s jurisdiction. The Task Force is considering recommending Commission action to grant temporary prospective and retroactive relief for certain coin and token offerings if specified disclosures are provided and kept current and the responsible party agrees not to contest SEC jurisdiction in a fraud case, with the tokens treated as non-securities under that framework. Other areas include potential adjustments to existing registration pathways (including Regulation A and crowdfunding) for token offerings, revisiting the special-purpose broker-dealer no-action statement to address custody of crypto asset securities alongside non-securities, developing workable custody options for investment advisers, clarifying the application of securities laws to crypto-lending and staking programs, and providing clearer staff/Commission approaches for crypto exchange-traded product listings and potential modifications to existing products (including staking and in-kind creations and redemptions). Work is also planned on how clearing agency and transfer agent rules intersect with tokenization and blockchain-based market infrastructure, and on a possible cross-border sandbox for limited and time-bound experimentation. The Task Force invited written submissions and meeting requests, noting that submitted materials and meeting summaries are generally intended to be posted publicly on the SEC’s website, with an option to request confidential treatment under SEC procedures.
U.S. Securities & Exchange Commission 2025-02-04
U.S. Securities & Exchange Commission Crypto Task Force outlines workplan including potential temporary relief for token offerings
SEC Commissioner Hester M. Peirce outlined the SEC's new Crypto Task Force's focus on regulatory clarity for crypto assets and market engagement. Initiatives include examining when crypto assets are securities, adjusting registration pathways, and clarifying securities laws for crypto-lending and staking. The Task Force is also considering temporary relief for certain token offerings and exploring a cross-border sandbox for experimentation.