This undertaking will take time, patience, and much hard work,” Peirce said, adding the agency plans to encourage a regulatory environment that “protects investors, facilitates capital formation, fosters market integrity,

The SEC’s new crypto task force will also coordinate with the Commodity Futures Trading Commission (CFTC) – which, under the leadership of former Chair Gensler and former CFTC Chairman Rostin Behnam, has been locked in competition with the SEC over which agency should be the primary regulator of the crypto industry.

President Donald Trump 's newly appointed Securities and Exchange Commission acting chairman, Mark Uyeda, announced the launch of a cryptocurrency task force to be led by Republican commissioner Hester Peirce.