U.S. Securities & Exchange Commission commissioner urges notice and comment rulemaking after Crypto Task Force roundtables

U.S. Securities & Exchange Commission Commissioner Caroline A. Crenshaw used remarks at the final Crypto Task Force roundtable to argue that the issues raised across the series are complex and not amenable to quick “crypto clarity,” warning against rushing major regulatory changes to facilitate crypto’s expansion into capital markets. She called for addressing the toughest questions through formal rulemaking with full notice and comment and the required public interest findings. Crenshaw highlighted that the roundtables surfaced widely divergent views across the industry, including from non-SEC-registered entities on whether they or their products should register and fall under SEC jurisdiction, with DeFi expected to sharpen those themes. She also pointed to current SEC registrants seeking to remain under SEC oversight but with altered requirements tailored to new products and technologies, and noted competing assessments of whether particular technologies can function effectively within large, complex securities markets. Issues she cited as still unresolved include market structure, transparency, and retail investor protection. She signaled an expectation of a mission-driven rulemaking process, building on Chairman Atkins’s earlier reference to formal rulemaking, and said she looks forward to engaging with fellow commissioners, staff, and the public.