PANews reported on February 5 that according to The Block, the newly established cryptocurrency working group of the U.S. Securities and Exchange Commission (SEC) will undertake a series of priority tasks as the agency is taking a different direction from the past few years. The working group, led by Republican Commissioner Hester Peirce, will focus on distinguishing which "crypto assets" are securities, possibly changing the way companies are registered, and providing clear statements when approving or rejecting exchange-traded products.

Peirce outlined her to-do list in a statement on Tuesday, including a link to the cryptocurrency task force, while noting that the list is not exhaustive. Peirce said one of the priorities is to classify certain tokens as “not securities.” “The task force is also considering the possibility of recommending to the Commission that it take action to provide temporary prospective and retroactive exemptions for certain token issuances, provided that the issuing entity or other entity willing to assume liability provides certain specific information, keeps that information current, and agrees not to challenge the Commission’s jurisdiction in cases involving fraudulent purchases and sales of assets,” Peirce said. “We will work with other parts of the federal government, state securities regulators, and our international counterparts, and invite builders, enthusiasts, and skeptics to engage with us to determine what the final rule should be and what interim measures can be taken to promote innovation in the meantime,” Peirce said.

Earlier today, the New York Times reported that the US SEC has reduced its enforcement efforts in the cryptocurrency field.