The Bitcoin and cryptocurrency market is poised to surge as acting SEC Chairman Mark Ueda launches a cryptocurrency task force.

• Mark Ueda, acting Chairman of the Securities and Exchange Commission, has launched a Cryptocurrency Task Force to provide a comprehensive regulatory framework for digital assets.
• Cryptocurrency Commissioner Hester Peirce has been appointed to head the new unit.
• The cryptocurrency market remained fairly stable as Bitcoin settled below the $110,000 level.

Bitcoin (BTC) and the cryptocurrency market saw an uptick after acting SEC Chairman Mark Ueda announced the creation of a cryptocurrency task force on Tuesday, led by Commissioner Hester Peirce, with the aim of steering the agency toward a more practical regulatory framework for digital assets. .

Hester Peirce is set to lead a new cryptocurrency task force launched by Mark Ueda, acting Chairman of the Securities and Exchange Commission.

Acting SEC Chairman Mark Ueda has taken the first step toward a clearer regulatory process for the cryptocurrency industry after launching his Cryptocurrency Task Force.

According to an SEC press release, the new initiative is geared toward developing a comprehensive framework for digital assets. Ueda, the SEC chief, aims to use this to address the agency’s previous “regulation by enforcement” approach.

“The task force will cooperate with SEC staff and the public to position the SEC on a reasonable regulatory path that respects the bounds of the law,” the SEC stated in its press release.

Cryptocurrency Commissioner Hester Peirce will lead the task force and will work with Commissioners Richard Gabbert and Taylor Asher to put the agency on a “reasonable regulatory path.”

The unit will also cooperate with federal agencies such as the Commodity Futures Trading Commission (CFTC) – under the direction of new Acting Chair Carolyn Pham – and will operate within the legal framework of Congress.

In addition, Commissioner Pearce stated that public input is also very welcome, as the unit aims to provide a transparent regulatory environment for investors.

“We look forward to working alongside the public to foster a regulatory environment that protects investors, facilitates capital formation, promotes market integrity, and supports innovation,” Commissioner Pierce said.

The new initiative is part of the SEC Acting Chairman’s commitment to fostering a favorable regulatory environment for the cryptocurrency industry.

Following Donald Trump’s inauguration on Monday, Mark Ueda was announced as acting president of the commission.

Ueda shared his desire to work with the new president to create a better regulatory outlook for cryptocurrencies to repair the damage caused by the previous administration. He replaces former SEC Chairman Gary Gensler, who retired from the agency on the day Trump was inaugurated.

Meanwhile, Bitcoin and the broader cryptocurrency market have remained fairly quiet following Trump’s inauguration. If the crypto team is successful, this could boost investors’ expectations and appeal of cryptocurrencies in the long term.