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US SEC Crypto Task Force Holds First Roundtable Amid Trump’s Push for Regulatory Overhaul

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The U.S. Securities and Exchange Commission (SEC) crypto task force convened its first public meeting on Friday, focusing on how existing securities laws might be applied to the rapidly evolving digital asset market. The session is part of a broader push to establish clearer guidelines as the Trump administration looks to reshape the U.S. regulatory landscape for cryptocurrency.

Key figures at the roundtable included John Reed Stark, former head of the SEC’s Office of Internet Enforcement, Miles Jennings, general counsel for a16z crypto, and former SEC Commissioner Troy Paredes. Leading the task force is Republican SEC Commissioner Hester Peirce, who emphasized that the meeting marked a “new beginning” in the commission’s approach to crypto regulation.

The crypto industry has long contended with the SEC over how digital assets should be classified under federal securities laws. Many within the sector argue that tokens should be treated as commodities, not securities, which would exempt them from the SEC’s registration and disclosure requirements.

Trump, who campaigned as a “crypto president,” has pledged to reverse the regulatory crackdown initiated under the Biden administration. This includes withdrawing or pausing several legal cases against crypto companies like Coinbase and Kraken. The task force discussed the potential need for a distinct regulatory framework tailored specifically to digital assets, rather than applying traditional securities laws.

While some, like Jennings, advocated for a “technology-neutral” approach, others, such as Democratic SEC Commissioner Caroline Crenshaw, expressed concern over loosening regulations for cryptocurrencies. Crenshaw warned that creating a separate regulatory regime could weaken protections and harm broader market stability.

This meeting is part of Trump’s broader effort to overhaul U.S. cryptocurrency policies, including his recent executive order to establish a strategic reserve of digital assets and a summit for industry leaders at the White House.

US Authorities Begin Releasing Some Seized Cryptocurrency Miners

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U.S. authorities have recently started releasing Chinese-made cryptocurrency mining equipment that was previously seized, according to industry executives. These miners, powerful computers with specialized chips, play a key role in cryptocurrency networks by solving complex mathematical problems and building blockchains, earning rewards in digital currency.

Taras Kulyk, CEO of Synteq Digital, a cryptocurrency mining equipment broker, confirmed that thousands of seized units are being returned. At one point, up to 10,000 mining units were stuck at various U.S. ports, according to Kulyk. He suggested that some Customs and Border Protection (CBP) officials might have been hostile towards bitcoin mining, creating significant disruption for the sector.

The seizures, which began late last year, involved U.S. Customs and Border Protection (CBP) and the Federal Communications Commission (FCC). Industry publication Blockspace reported that the machines were detained, in part, because they contained chips from Sophgo, a Chinese chip company. This came amidst ongoing tensions between the U.S. and China, with U.S. authorities citing security concerns, particularly regarding radio frequency emissions from the equipment.

Ethan Vera, COO of Luxor Technology, said that although some seized shipments are being returned, most are still being held. Both Kulyk and Vera rejected concerns raised about the emissions from the machines, calling them unfounded.

The release of some of the detained equipment occurs against the backdrop of the U.S.-China trade war, with issues regarding national security and trade restrictions complicating the situation. Sophgo, which faced penalties late in the Biden administration for its alleged links to Chinese telecom giant Huawei, is at the center of the controversy.

Trump’s Crypto Company Launches Strategic ‘Token Reserve’

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World Liberty Financial (WLF), a cryptocurrency platform with financial backing from President Donald Trump, announced the launch of a strategic token reserve aimed at supporting Bitcoin, Ethereum, and other leading cryptocurrencies. The reserve is designed to mitigate market volatility, enhance investment in decentralized finance projects, and create a well-capitalized foundation for the company. WLF also plans to establish partnerships with financial institutions to contribute tokenized assets to the reserve.

The announcement, posted on X, comes amid a growing interest from Trump and his family in capitalizing on the crypto space. In addition to WLF, the Trump family’s business ventures now include a controlling stake in Trump Media & Technology Group (TMTG), a media and streaming company that recently pivoted to include financial services related to crypto.

Trump’s ventures into the world of crypto also include the launch of the $Trump meme coin just before his presidential inauguration, which reportedly raised millions of dollars, including $100 million in fees alone. WLF’s token sales have already reached an estimated $500 million, according to Reuters.

Trump’s assets are held in a revocable trust managed by his children during his presidency. WLF, which launched two months ahead of the 2024 U.S. presidential election, is controlled by the Trump family, holding a 60% stake in the company and entitled to 75% of revenues and 22.5 billion tokens.

This move follows a surprise appearance by Donald Trump Jr. at the Ondo Summit in New York, where WLF’s founders outlined their vision of bridging the gap between crypto and traditional finance. Trump Jr. emphasized the need for a regulatory framework to allow crypto to thrive, calling it “the future of finance” and vital to maintaining “American hegemony.”