According to The Block, the newly established cryptocurrency working group of the US Securities and Exchange Commission (SEC) will undertake a series of priority tasks as the agency takes a different direction than in previous years. The working group, led by Republican commissioner Hester Peirce, will strive to distinguish which "crypto assets" belong to securities, potentially change the way companies are registered, and provide clear statements when approving or rejecting exchange traded products.
Peirce outlined her task list in a statement on Tuesday, attaching a link to the cryptocurrency working group, while noting that the list is not exhaustive. Peirce stated that one of the priority tasks is to classify certain tokens as' non securities'. Peirce said, "The working group is still considering the possibility of recommending that the committee take action to provide temporary forward-looking and retrospective exemptions for certain token issuances, provided that the issuing entity or other entities willing to take responsibility provide certain specific information, keep the information updated, and agree not to question the committee's jurisdiction in cases involving asset buying and selling fraud." Peirce said, "We will work with other federal government departments, state securities regulatory agencies, and international peers to invite builders, enthusiasts, and skeptics to interact with us to jointly determine what the final rule should be and what temporary measures can be taken during this period to promote innovation
Earlier today, the New York Times reported that the US SEC has reduced its enforcement efforts in the cryptocurrency field.
