Here’s what happened in crypto today

Today in crypto, US President Donald Trump’s administration plans to regulate stablecoins and bring the market onshore, with a focus on US dollar-backed digital assets, according to crypto czar David Sacks, and the SEC has reportedly scaled back its crypto unit and said it’s considering possible retroactive relief for token offerings.US wants to bring stablecoins onshore, Trump’s crypto czar saysUS President Donald Trump’s administration has confirmed plans to regulate and bring stablecoin innovation onshore, according to Trump’s crypto czar, David Sacks.Stablecoins are one of the key areas of focus for the Trump administration, alongside Bitcoin adoption and blockchain development, Sacks said on CNBC’s Closing Bell Over Time on Feb. 4.The stablecoin market “has already taken off but mostly offshore,” Sacks said, adding that the US now wants to “bring that innovation onshore.”Stablecoins are a $227 billion industry, with 97% of its market comprising US-pegged stablecoins like Tether’s USDt . USDT alone accounts for more than 60% of the total stablecoin market capitalization, according to data from CoinGecko.“I think the power of stablecoins is that it could extend the dollar’s dominance internationally and extend it online digitally,” Sacks said.According to Trump’s crypto czar, stablecoins could create “potentially trillions of dollars” of new demand for US Treasurys, which could help support its debt and bring down long-term interest rates.SEC starts scaling back crypto unit: NYTThe US Securities and Exchange Commission is starting to scale back its 50-staff crypto enforcement unit, with some of the lawyers assigned to other departments in the agency, The New York Times reported on Feb. 4, citing five people with knowledge of the matter.One of the crypto unit’s top lawyers was also moved from the SEC’s enforcement arm, which some complained was an unfair demotion, some of the people told the Times.An SEC spokesperson declined Cointelegraph’s request for comment.The report came just hours after SEC Commissioner Hester Peirce said the agency was looking into the security status of crypto and could retroactively relieve token offerings.It follows a larger leadership shakeup at the agency over the past few months, which has accelerated since President Donald Trump entered office on Jan. 20 — the same day former SEC Chair Gary Gensler resigned from the agency.SEC acting chair Mark Uyeda has cleared the agency’s former top brass and, on Feb. 4, named some of the agency’s Crypto Task Force, which notably included the former policy director of crypto advocacy organization Coin Center, Landon Zinda.SEC is evaluating “retroactive relief” for past coin offeringsThe SEC is carving out a new path for the cryptocurrency sector, including evaluating the security status of crypto assets and potentially providing “retroactive relief” for certain token offerings. According to a Feb. 4 statement issued by SEC Commissioner Hester Peirce, the White House’s newly announced Crypto Task Force will use its tools to provide better regulatory clarity for digital assets — something the commission was criticized for failing to do under ex-Chair Gary Gensler.The task force is “recommending Commission action to provide temporary prospective and retroactive relief for coin or token offerings” under certain conditions, including providing and updating specified information and agreeing “not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset,” Peirce said.Peirce also said the task force is reconsidering whether certain assets are securities.“The status of crypto assets under the securities laws is fundamental to resolving many other questions. The Task Force is working hard to examine different types of crypto assets,” she said.