The Crypto Task Force, a team of regulators by the SEC tasked with coming up with clear regulations on cryptocurrency assets, has certainly been busy. The task force, headlined by SEC Commissioner Hester Peirce, has held over 104 meetings since February, as reported by Eleanor Terrett at CryptoInAmerica.
During this time, the team has sat down with several of the leading companies, industry leaders, and key startups in the crypto sector. All in an effort to come up with fair terms in order to regulate the $3.4 trillion digital assets market.
Last week, Ripple Labs and its legal team, led by Chief Legal Officer Stuart Alderoty, met with the Task Force to talk about short-term regulatory changes and safe harbor provisions. The meeting came right after a Manhattan district judge refused to roll back an injunction and financial penalty against Ripple, despite a growing trend of the SEC dropping cases against crypto firms. According to Alderoty, Ripple, and the SEC are still working with the court to resolve the issue.
Industry players have welcomed the SEC’s open-door approach, appreciating how it’s actually engaging with the sector instead of taking an enforcement-heavy stance. The SEC has also held key meetings open to the public, known as Crypto roundtables, in which Commissioners and industry leaders touch on issues like stablecoins, memecoins, and proof-of-work staking, with an emphasis on creating guidelines that make sense rather than just issuing penalties.
On June 9, the Commission will hold its final Crypto Roundtable—on the subject of DeFi and American Spirit. This schedule falls in line with expectations that Peirce and the rest of the Crypto Task Force will present SEC Chairman Paul Atkins with the regulatory framework proposed to regulate the industry moving forward.
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