For years, the relationship between the crypto industry and the SEC has been defined by uncertainty, enforcement actions, and regulatory gridlock. But with a major shift in leadership at the SEC, things might finally be changing.
With Gary Gensler stepping down as SEC Chair, acting Chair Mark Ueda has wasted no time in appointing Commissioner Hester Peirce—widely respected in the crypto industry—as the head of the newly created Crypto Task Force. This move effectively gives Peirce the most authority she’s ever had over the direction of crypto regulation in the U.S.
We sat down with Commissioner Peirce on the Bankless Podcast to break down exactly what this means for crypto’s future.
Crypto Task Force: What’s Changing?
The SEC’s Crypto Task Force was created on Day 1 of the new administration, and its first action was repealing SAB 121—a controversial policy that significantly restricted crypto custody services. Peirce emphasized that this is just the beginning.
The Task Force is primarily composed of SEC staff who have been working on crypto-related issues for years but were unable to advance their ideas under the previous administration. Additionally, strategic advisors from outside the agency—like Landon Zinda from CoinCenter—have joined to help shape the Task Force’s direction.
So, what exactly is the Task Force focused on?
1. A Path to Regulatory Clarity for Tokens
One of the biggest shifts is the potential retroactive relief for token issuers. Peirce outlined a framework where projects that issued tokens in the past can gain legal clarity by providing disclosures and agreeing to certain conditions.
For years, the SEC’s stance on tokens has discouraged transparency—many projects were afraid that any disclosure could be used against them in an enforcement action. Now, the SEC is working to flip that dynamic, encouraging voluntary disclosures instead of punishing projects retroactively.
2. No-Action Letters & Safe Harbors
Peirce also discussed no-action letters—which allow companies to request an official statement from the SEC confirming that a specific activity will not result in an enforcement action.
This could be a game-changer, especially for crypto projects that have been operating in legal limbo. Peirce stressed that the SEC welcomes input from the crypto industry on how these processes should work, and companies can directly reach out via crypto@sec.gov.
3. The Future of Securities Laws for Crypto
Historically, being labeled a security has been a death sentence for crypto tokens in the U.S. due to the regulatory burdens it imposes. But does it have to be that way?
Peirce acknowledged that while some crypto assets will clearly fit within securities laws, the industry needs new frameworks to accommodate decentralized networks.
She also touched on meme coins, stating that just because something is popular doesn’t necessarily make it a security. However, she warned against assuming that the SEC (or any regulator) will act as a safety net for people making speculative bets.
4. Airdrops & Retail Access to Crypto
One of the most immediate concerns for the industry is whether U.S. citizens can receive airdrops without projects fearing regulatory backlash.
Peirce didn’t give a definitive answer but signaled that the SEC is working on clearer guidance. She encouraged projects to submit scenarios to the Task Force so they can better understand what the industry needs.
Additionally, Peirce addressed the problem of accredited investor laws, which currently block most U.S. retail investors from participating in early-stage crypto investments. While she didn’t promise an immediate fix, she indicated that new approaches are being considered—including alternative criteria beyond just wealth thresholds.
5. The SEC’s Relationship with the CFTC
Under previous leadership, the SEC and CFTC had an almost territorial fight over which agency would regulate crypto. Peirce expressed optimism that this will change, emphasizing that collaboration between regulators is now a priority.
Rather than seeking jurisdictional dominance, the goal is to create a regulatory framework that actually makes sense for crypto markets.
The Road Ahead
Peirce acknowledged that trust between the SEC and the crypto industry is at an all-time low, and she understands why many are hesitant to engage.
She also admitted that the SEC’s past enforcement-first approach has made it harder to now build positive regulatory policy. But she’s committed to changing that narrative, encouraging projects to participate in shaping the future of crypto regulation.
“We want to have a system that works. Yes, there are going to be things that you don’t like, but you shouldn’t have to hire an army of lawyers just to figure out the SEC’s complicated system. We want to create a framework where crypto builders can focus on building—not on guessing what the SEC might do next.” – Hester Peirce
Is This the Turning Point for Crypto Regulation?
For the first time in years, the SEC appears to be moving away from a hostile stance on crypto and towards a more constructive regulatory approach.
While many details are still being worked out, Peirce’s appointment as head of the Crypto Task Force is a strong signal that change is coming.
The big question now: Will the SEC’s actions match its rhetoric?
We’ll be watching closely.