A US regulator on Tuesday launched a so-called crypto task force, a further sign of the new Donald Trump administration's embrace of digital assets.
The US Securities and Exchange Commission said the task force would help to deliver a “comprehensive and clear regulatory framework for crypto assets”. The task force will also help to establish regulatory clarity, introduce enforcement resources and clear paths to registration.
It will also co-ordinate with the US Congress to provide technical assistance as the legislator makes changes to the statutory framework, the SEC said.
“We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation,” SEC Commissioner Hester Peirce said in a statement.
The move is one that the industry has long waited for, and one that Mr Trump promised during his campaign. Bitcoin climbed 3.3 per cent to $107,268.27 after the announcement.
The announcement also marks a further shift towards Washington's embrace of cryptocurrency. The SEC clashed with the industry during former president Joe Biden's administration, and former SEC chairman Gary Gensler was considered one of the industry's biggest enemies.
Under Mr Gensler's stewardship, the SEC sued Binance, Coinbase and other crypto exchanges that it accused of being unregistered securities exchanges, brokers and clearing agencies.
According to the Blockchain Association, which represents nearly 100 people in the industry, his SEC brought more than 100 enforcement actions against the industry that cost its members $429 million in legal fees.
Mr Trump promised other pro-crypto policies during his electoral campaign, including the establishment of a Bitcoin strategic reserve. He and first lady Melania Trump also launched a pair of meme coins before his inauguration on Monday.
