SEC to Tackle Cryptocurrency’s Legal Status in New Roundtable

According to a March 3 press release, the SEC will hold a series of discussions at its Washington, DC headquarters under the theme "Spring Sprint Toward Crypto Clarity". The first session, scheduled for March 21, is titled "How We Got Here and How We Get Out — Defining Security Status".

The Crypto Task Force lead, Commissioner Hester Peirce, emphasized the importance of gathering input from various stakeholders to shape effective regulations. "I am looking forward to drawing on the expertise of the public in developing a workable regulatory framework for crypto", Peirce said.

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On the same day this announcement was made, the SEC confirmed that its Crypto Task Force will have 14 members, including Michael Selig, a former attorney specializing in cryptocurrency law, as chief counsel.

Before joining the SEC, Selig worked at Willkie Farr & Gallagher, where he advised crypto, non-fungible token (NFT), and stablecoin firms. His archived profile from the law firm noted that he had represented clients in enforcement cases involving the SEC and the Commodity Futures Trading Commission (CFTC) regulations.

Another key member is Sumeera Younis, who previously served as policy counsel to Commissioner Peirce. She will oversee the task force’s daily operations.

Peirce highlighted the expertise of the group, stating that the team is committed to working with SEC staff and public participants to find “workable solutions to difficult crypto regulatory problems”.

Recently, John Reed Stark, a former SEC attorney, shared his views on the agency's legal battles with cryptocurrency firms. What did he say? Read the full story.