The Journey Begins

The newly announced SEC Crypto Task Force should lead to a more enjoyable and less risky path to regulatory clarity than the Commission's approach over the past decade, though dangers remain. The Commissioner says that earlier handling was marked by legal imprecision, leaving many cases in litigation and many rules at the proposal stage. Planned work includes considering temporary relief for token offerings deemed non-securities if issuers keep specified information updated, and revising the special-purpose broker dealer no-action statement, which the text says has not been a success.