🚨NEW: While we were all tuned into the digital assets presser this afternoon, @HesterPeirce dropped a rather important update on the new @SECGov #crypto task force and what it’s doing.

Here’s the TLDR in case you missed it:

📌The task force is examining the security status of different types of digital assets and working to identify areas that fall outside the SEC’s jurisdiction.

📌The task force is welcoming requests for no-action letters and exploring ways to provide temporary prospective and retroactive relief for coin and token offerings that meet certain transparency requirements.

📌It’s looking at modifying existing registration paths for token offerings, addressing custody solutions for investment advisers, and clarifying how crypto-lending and staking programs fit within existing securities laws.

📌It’s looking at clarity surrounding activity with clearing agencies, transfer agents and considering requests to modify certain features of existing ETFs, including possibly allowing staking and in-kind creations and redemptions. 

📌A cross-border sandbox for international crypto projects is also being considered.

Peirce stresses that the process will take time and that the agency will still enforce the law in areas where it has jurisdiction.

“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,” she said. “SEC rules will not let you do whatever you want, whenever you want, however you want. Some of these rules will impose costs and other compliance burdens that some may find irritating, and the Commission will use its enforcement tools when necessary to pursue noncompliance.”
#crypto