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The Fintech Times
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SEC Launches Crypto Task Force: Industry Identifies Benefits and Hurdles
- The SEC has launched a cryptocurrency task force aimed at developing a comprehensive and clear regulatory framework for crypto assets.
- It will be Peirce's job to provide stability & clarity on what is legal and to separate inappropriate actions from legitimate innovations.
- The Task Force will operate within the statutory framework provided by Congress and will coordinate the provision of technical assistance to Congress.
- The SEC aims to equip itself with the right people to create a shared reality of how the industry can advance with traditional financial institutions.
- Regulatory clarity in the US will present institutions like Bank of America with opportunities to take a more active role in crypto.
- The major challenges of any regulator centre around jurisdictional overlaps, rapidly evolving technology and maintaining public trust.
- Crypto-focused group will struggle to decipher genuine R&D verses scams because of the intertwined and nepotistic blockchain industry.
- The US has a clear desire to become the world’s leading hub for digital assets and the newly-created crypto task force will play a critical role.
- The US is projected to have the highest-valued crypto market globally, and with a booming market, regulation is crucial.
- Industry experts say that the SEC needs to work with the crypto industry to provide clear, defined regulations that will not stifle the industry’s ability to innovate and grow.
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