SEC Crypto Task Force: Trump Neuters The SEC Before Crypto Bullrun

The SEC Crypto Task Force is inching forward in the US with the return of the Securities Clarity Act. Reps. Tom Emmer and Darren Soto are behind the bipartisan drive to untangle the legal mess surrounding digital assets before bull run.

Seen as groundwork for sweeping market reform, the legislation could finally pin down the industry’s undefined legal status.

SEC Crypto Task Force: What Is the Securities Clarity Act?

The Securities Clarity Act aims to untangle digital assets from the securities contracts they’re linked to like

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, giving them a life outside their initial offerings. This move could cut through red tape, ease compliance headaches, and open the door to more innovation in the space.

“Entrepreneurs need clarity to calculate risk accurately, create new investment opportunities and grow our economy,” said Rep. Tom Emmer in a statement. “Our legislation will help provide these answers and allow American investors to fully participate in digital asset technology without sacrificing consumer protections.”

“XRP is not a security.” — Tom Emmer

The Securities Clarity Act this week is HUGE!

—>LAW<— https://t.co/AZezHV4pMf

— Chad Steingraber (@ChadSteingraber) May 19, 2024

By specifying that an asset sold as part of an investment contract is an “investment contract asset” distinct from the securities offering. The Act creates a clearer framework for startups and projects to grow in compliance with U.S. regulations.

SEC Crypto Task Force: A Precursor to Market Structure Legislation

The reintroduced Act is part of the larger FIT21 framework, which passed the House in 2024 after securing major bipartisan support. Among its 71 Democratic backers was Nancy Pelosi, underscoring the growing alignment on the need for digital asset reform. Rep. French Hill (R-Ark.), Chair of the House Financial Services Committee, hinted at ongoing revisions to FIT21, stating that a new draft could be ready in the coming weeks.

Ron Hammond, senior director of government relations at the Blockchain Association, called the Act “a bipartisan precursor to broader legislation.”

“Fair to say this continued momentum will be evident in the eventual crypto votes in Congress,” Hammond added.

The Securities Clarity Act tackles a central issue in digital asset regulation, aiming to break the cycle of uncertainty that cripples crypto projects. By laying out a clear framework, the bill could cut red tape, pave the way for growth, and set a foundation for broader reforms backed by bipartisan momentum.

The Bigger Picture

The Securities Clarity Act is part of a broader shift in Congress toward defining digital asset rules without stifling innovation.

Paul Atkins, Trump’s SEC pick, promises to prioritize thoughtful regulation, a stance likely to influence how these measures play out. By drawing a line between digital assets and securities, the Act aims to mitigate risk while keeping oversight intact.

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