The U.S. Securities and Exchange Commission (SEC) is reviewing whether certain cryptocurrencies should be classified as securities and considering retroactive relief for past token offerings. Commissioner Hester Peirce stated on Feb. 4 that the White House’s newly established Crypto Task Force is pushing for temporary relief under specific conditions, including updated disclosures and agreements not to contest the SEC’s jurisdiction in fraud cases. The task force is also evaluating different types of digital assets to determine their legal status, a move Peirce said is essential for resolving broader regulatory questions.
The SEC has been criticized for a lack of clarity in its approach to cryptocurrency regulation, particularly under former Chair Gary Gensler. Many in the industry argue that unclear guidelines have led to excessive enforcement actions rather than a structured regulatory framework. The new task force is expected to address these concerns by providing clearer rules for digital assets.
President Donald Trump’s administration has signaled a shift in approach. Since being elected in November, Trump has appointed Paul Atkins, a pro-crypto advocate, as SEC Chair and created a special advisory position focused on cryptocurrency and artificial intelligence. Additionally, he signed an executive order establishing a digital asset working group to create a more structured regulatory environment.
Lawmakers are also calling for reforms. Republican Representative Tom Emmer stated that passing stablecoin and market structure legislation is a top priority for Congress. Industry leaders, including Coinbase CEO Brian Armstrong, expect the administration to emphasize stablecoin regulations, which Armstrong believes are necessary to maintain the U.S. dollar’s role as the dominant reserve currency.
Traditional financial institutions are watching regulatory developments closely. Bank of America CEO Brian Moynihan has suggested that banks are prepared to enter the crypto market once regulatory guidelines are clearer. He noted that if crypto transactions gain mainstream adoption, the banking sector would move aggressively to facilitate them.
As the SEC reevaluates its stance on digital assets and the White House pushes for clearer rules, the U.S. crypto industry will likely see significant changes in its regulatory landscape. The establishment of the Crypto Task Force and the proposed retroactive relief signal a shift in the government’s approach to oversight, potentially reshaping how digital assets are treated under U.S. law.
