US SEC crypto task force to address privacy and financial surveillance

Under the leadership of Hester Peirce, a Commissioner on the Securities and Exchange Commission( SEC), the cryptocurrency task force has revealed plans to set up another roundtable that will impact new policies at the financial regulator. 

This action addresses the recent rising concerns about regulations in the digital assets ecosystem and suggests suitable updates to the commission’s rules. Notably, this public roundtable on financial surveillance and privacy marks the sixth roundtable to be held addressing rising issues in the digital assets sector since Gary Gensler, a former chairman of the US SEC, withdrew from his position.

According to an SEC notice released on September 8, the roundtable is scheduled for October 17. In a statement, Peirce mentioned, “Learning about new developments in tools that protect privacy will help the SEC and other financial regulators as we work on policy solutions in the crypto area.” 

The US SEC proposes amendments to its crypto rules 

Roundtables focusing on the crypto ecosystem are part of a series of 10 meetings that are taking place from August through December across the US. This event comes when the US SEC considers proposed amendments to its crypto rules, which could significantly impact market players.

On Thursday, 4 September, the commission made public its suggestion to implement certain exemptions and safe harbors in the provision and sale of crypto assets and its intentions to enhance broker-dealer financial responsibility rules. 

According to them, these measures will ease requirements for crypto firms operating in the US.

Since January, this action of loosening regulations and enforcement measures has been popular among the SEC and Commodity Futures Trading Commission (CFTC), the main financial regulators in the US. This has affected crypto firms as the commissions have withdrawn several investigations and lawsuits. 

During his presidential campaign, Donald Trump emphasized that his administration would adopt a friendlier stance toward cryptocurrency, signaling reduced hostility from the highest levels of government—a position he has largely maintained.

Under former SEC Chair Gary Gensler, known for his strict regulatory approach, the crypto community often felt constrained. His departure sparked significant anticipation, and while Gensler is now out of the picture, the SEC remains active and appears poised for a busy and evolving regulatory future.

A new proposed law sparks hope for a new turn in the US financial regulators’ policies 

The two regulators, the SEC and the CFTC, have vowed to work together to monitor and provide support to spot crypto trading. Additionally, they have reportedly stated that they would look into having capital markets operating 24/7 and establishing regulations, particularly for crypto derivatives. Their decision aligns with a suggestion from President Donald Trump in July’s Working Group on Digital Asset Markets.

Moreover, it is worth noting that the CFTC is currently under the leadership of only Acting Chair Caroline Pham, who, earlier in  August, stated that the commission would strictly adhere to the White House’s direction put in place on crypto policy.

Despite the SEC and CFTC’s decisions aligning with the US President Donald Trump’s policies, hope for a new turn in authority and responsibility for the two regulators has been sparked with a new proposed law. The law is currently being discussed in Congress. 

Concerning the above situation, Senator Cynthia Lummis, a strong supporter of this legislation, weighed in on the topic of discussion. According to Lummis, the Responsible Financial Innovation Act, the Senate’s version of a digital asset market structure bill, could become law by 2026.

The upcoming meetings show the SEC’s transition from the regulation-by-enforcement era led by the Gary Gensler administration. It intends to work in union with various industry participants to gather insights and feedback on digital assets regulations. Also, it shows a willingness to be more collaborative and a desire to make the industry an overall better place.

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