The U.S. Securities and Exchange Commission (SEC) announced a crypto-friendly shift shortly after the beginning of the second Trump administration.

On Jan. 21, SEC Acting Chairman Mark Uyeda revealed a task force focused on developing a “comprehensive and clear regulatory framework for crypto” with a “sensible regulatory path” within the limits of the law.

The notice admits that SEC crypto enforcement has relied on new and untested interpretations of the law. Meanwhile, registration obligations have been unclear.

That lack of clarity led to confusion among crypto sector participants about what activities are legal, in turn hindering innovation and allowing for fraud in the crypto sphere. “The SEC can do better,” the notice reads.

SEC Commissioner Hester Peirce will lead the new task force, and several other agency members will also participate. Peirce and Uyeda are known for their pro-crypto stances and their dissenting statements against anti-crypto decisions.

Trump will likely appoint Paul Atkins as SEC chair at a later date. Atkins is expected to take a pro-cryptocurrency stance overall.

Though the latest notice does not mention former SEC chair Gary Gensler, the shift in stance follows Gensler’s resignation on Jan. 20. Gensler was a vocal critic of crypto and was arguably responsible for the agency’s aggressive enforcement strategy. Several legal cases that began under Gensler’s leadership are ongoing.

Uncertainty Around Trump’s Crypto Policy

President Donald Trump himself made no mention of cryptocurrency policies during his first two days in office.

Trump campaigned on promises aimed at the crypto sector and crypto investors, notably stating that he would establish a strategic Bitcoin reserve.

General sentiment on whether Trump will establish the reserve is now mixed. Coinbase CEO Brian Armstrong believes a reserve is still possible, while former BitMEX CEO Arthur Hayes has expressed doubts. On Jan. 21, betting activity on Polymarket put odds of a reserve within Trump’s first 100 days at 43%.

Some expect Trump to take other actions, including strengthening the U.S.’s role in Bitcoin mining and eliminating capital gains taxes on cryptocurrency.

In a development related to crypto, Trump pardoned Ross Ulbricht, the founder of Silk Road darknet market. Ulbricht designed the site to use Bitcoin payments.

Additionally, Donald Trump and First Lady Melania Trump were involved in the launch of two memecoins in the lead-up to inauguration. The tokens have achieved billions of dollars in market cap, but many call the assets a conflict of interest.