While crypto fans were waiting for spectacular news regarding cryptocurrencies at the inauguration of Donald Trump, this event did not take place.

Yet some good news went unnoticed. After the resignation of the former president last Monday, it was Commissioner Mark Uyeda who took over on an interim basis before Paul Atkins took office. The guy didn’t delay taking action, because on Tuesday, the agency announced the creation of a crypto task force led by Commissioner Hester Peirce.

Hester Peirce stated, among other things:

Clarity about who needs to register and practical solutions for those seeking to register remained difficult to find. The result has been confusion about what is legal, creating an environment hostile to innovation and conducive to fraud. The SEC can do better.

This undertaking will require time, patience and a lot of work. It will only succeed if the working group benefits from input from a wide range of investors, industry, academics and other interested parties.

As announced, this work will take time and require legislative amendments and clarifications. New tools or organizations may also need to be created to clarify and boost the ecosystem.