Former SEC Attorneys Comment on New Crypto Task Force
Partner and co-chair of Herrick's Securities Litigation and Enforcement Group, Arthur G. Jakoby, spoke with Crowdfund Insider about the Securities and Exchange Commission ("SEC") establishing a new Crypto Task Force charged with creating a regulatory framework for digital assets.
Arthur said by creating the Crypto Task Force, the SEC took its first steps in fulfilling a Trump campaign promise to overhaul the Commission’s crypto approach by pursuing a new regulatory framework.
"The SEC’s move marks a significant policy win for the crypto industry, which for years has complained about the SEC’s efforts to legislate via enforcement and has lobbied for the enactment of crypto-specific regulations, to be drafted with industry and investor input, which will result in clear and concise legal standards for realistic paths to registration and sensible disclosure requirements," stated Arthur. "The SEC’s announcement is a clear signal that it will no longer predominantly rely upon enforcement actions to define the law but rather it will provide proactive guidance via clear legislation. The announcement is also a sign that the reorganized SEC will review all current crypto related enforcement actions and likely discontinue existing cases which the Commissioners view as ill-conceived or inconsistent with promoting the growth of the crypto industry in the United States."