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During a February 28, 2025 interview with CoinDesk, SEC Commissioner Hester Peirce discussed her role in the crypto task force just hours before President Donald Trump announced his White House crypto summit.

The U.S. Securities and Exchange Commission (SEC) is a major regulator overseeing the crypto industry in the country. Its approach has often been a source of frustration. Peirce, who has served as a commissioner since 2018, now aims to alter the regulator’s method of dealing with the entire industry. As part of this effort, the SEC will host a crypto policy event on March 21.

Peirce began the interview by stating her views are her own and may not reflect those of the SEC or her fellow commissioners. She expressed her satisfaction with the work achieved by the task force thus far, and stated their aim is to clarify what falls within the SEC’s jurisdiction and provide a clear path for those fearful their activities might fall within the SEC’s scope.

Peirce and her team are striving to gather public opinions and suggestions to shape their approach moving forward. The task force’s main goal is to provide clarity on some of the long-term issues around the tokenization of securities and the role of broker-dealers or trading platforms that aim to have securities alongside non-securities.

Peirce also mentioned the task force’s areas of focus, including stablecoin legislation, which she believes is an area where Congress has a role to play. She also referred to bills that aim to clarify what should fall under the jurisdiction of the SEC and what might be under the jurisdiction of the Commodity Futures Trading Commission (CFTC).

When asked about the timeline for the SEC to start issuing more concrete guidance, Peirce said their goal is speed, but also cautioned that people need to be patient as they want to get things done right. She emphasized that the task force is working with people across the SEC and pieces of guidance will be released as they become ready.

On the topic of recent cases against crypto companies, Peirce stated that enforcement should follow policy, not drive it. She clarified that while enforcement has a role, its resources should be saved for instances of bad conduct within their jurisdiction.

Toward the end of the interview, Peirce expressed her continued support for some form of safe harbor for the industry, a concept she introduced a while ago. She reiterated her desire to encourage and reward good disclosure practices, discouraging actions that might make companies targets of SEC enforcement.

In closing, Peirce invited the public and the crypto industry to visit the SEC’s crypto webpage, send messages, and meet with the task force to provide their input and thoughts.

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The analysts trace the beginning of this bull market to the rising possibility of spot Bitcoin exchange-traded fund (ETF) approvals in the U.S. This development pushed Bitcoin from $25,000 to $46,000 by the time the funds launched on January 11, 2024.

As per Bernstein’s view, the successful inflow into these ETFs, which had not been priced in, drove Bitcoin to a record high of approximately $74,000, after which it took a several-month hiatus. The subsequent boost came from pro-crypto Donald Trump’s victory in the U.S. presidential election in November. Trump’s promise to transform the U.S into the “crypto capital of the world” and establish a favorable digital asset regulatory framework saw Bitcoin hit a new all-time high of approximately $109,000 on his Inauguration Day.

In a note to clients on Monday, Gautam Chhugani, leading the analyst team, wrote, “The next leg of the Bitcoin bull market is bracing itself, backed by several positive catalysts. We believe that the Crypto Task Force, under the guidance of David Sacks, is committed to establishing the National Bitcoin reserve as directed by the President.”

The analysts believe that such a Bitcoin reserve could be funded by the Federal Reserve or Treasury, although this would necessitate legislative approval and would potentially trigger swift repricing of the cryptocurrency. Furthermore, the Bitcoin seized by the U.S. government, currently valued at around $20 billion, could be added to the reserve, possibly initiating a global competition among sovereign states.

The Bernstein team also highlighted additional catalysts for the next Bitcoin bull market phase. These include notable filings with the Securities and Exchange Commission and recent major investments in Bitcoin ETFs. They noted Strategy’s (formerly MicroStrategy) latest $742 million Bitcoin purchase, substantial year-to-date spot Bitcoin ETF inflows, and the SEC’s repeal of SAB 121, enabling crypto custody by banks.

The analysts concluded, “The combined adoption by banks, institutional investors, corporations, and potentially sovereigns positions Bitcoin as a significant rival to gold. With Bitcoin valued at $2 trillion market value versus $18 trillion for proven gold reserves, we see an asymmetric upside for Bitcoin.”

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In the announcement, Uyeda stated that Zinda would be taking up the role of his counsel and a senior advisor to the crypto task force. He joins the likes of Chief of Staff Richard Gabbert and Chief Policy Adviser Taylor Asher under the leadership of Commissioner Hester Peirce.

Neeraj Agrawal, Coin Center’s communications director, confirmed to Cointelegraph that Zinda had left his post. Zinda’s name was still listed on Coin Center’s website as of February 4, and his LinkedIn profile indicated his tenure at the advocacy organization from March 2023 until the present. The SEC was approached for a comment but there was no response at the time of publication.

The Crypto Task Force, which was formed on January 21 following the exit of former SEC Chair Gary Gensler, aims to assist the Commission in outlining clear regulatory boundaries, establishing feasible routes to registration, developing practical disclosure frameworks, and making judicious use of enforcement resources. The SEC also disclosed that the task force would be collaborating with other federal agencies, including the Commodity Futures Trading Commission.

Since Gensler’s exit and the inauguration of US President Donald Trump, there has been speculation that the SEC’s approach to digital asset regulation could shift, possibly halting or dismissing enforcement actions not related to fraud. Commissioner Peirce suggested on February 4 that the SEC might contemplate granting “retroactive relief” for certain token offerings.

Under previous SEC Chairs Jay Clayton and Gensler, enforcement actions were taken against crypto firms like Ripple Labs, Coinbase, and Binance. Trump, who unveiled his own memecoin before assuming office, could potentially face regulatory scrutiny over his memecoin launch. Despite the fact that the US president nominates or has political sway over those in leadership positions, some industry experts and lawmakers speculate that Trump might still execute a rug pull on the token’s investors.

With the exit of Gensler and Commissioner Jaime Lizárraga, Peirce and Uyeda, both Republicans, presently hold the majority at the SEC. The five-seat panel is supposed to comprise commissioners from both political parties. However, to date, Trump has only nominated a replacement for Gensler’s term: former Commissioner Paul Atkins.

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