April 11 is USA Securities and Exchange CommissionS (Sec) Krypto Task Force held its Other round table In a series that discusses digital asset regulation, focusing on this event is how to regulate the trade in digital assets.
Under the round table, entitled “Between a Block and a Hard Location: Customized Crypto Trade Regulation” Mark Uyeda suggested that the supervisory authority could consider a “time -limited” digital asset monitoring framework so that companies can keep innovation while the agency comes with a permanent solution.
“We should consider whether there may be a more effective method of regulation,” mentioned Uyeda. “While the Commission is working to develop a long-term solution to deal with these issues, a fixed-term exception framework for registrants and non-registers may enable greater innovation with blockchain technology in the US in the short term.”
In addition to pose this short -term solution, the acting chairman Panel discussion opened by highlighting the inefficiency of the current state state license RAM for digital asset platformsWhich suggests a more coherent federal strategy can better protect innovation and consumers.
Uyeda – which remains responsible at the SEC at the moment, with incoming chairman Paul Atkins“appointment confirmed by the Senate April 9 – explained the present Federal securities laws Current problems to integrate tokenized securities into mainstream trading, such as restrictions on listing unregistered securities.
He was also keen to emphasize that blockchain Has the potential to transform securities market processes by streamlining operations, improving liquidity and enabling continuous trade.
“I encourage market participants who develop new ways to buy securities using blockchain technology to provide input as to where exceptional relief may be appropriate,” Uyeda said.
The acting manager was flanked by the Republican Commissioner Hester Peircewhich is the head of Crypto Task Force and is known as “Crypto Mom”, thanks to her favorable views on the industry.
Pierce was appointed head of the working group when it was Launched By Uyeda back in January, with the aim of helping the Commission “drawing clear regulatory lines, providing realistic paths to registration, craftsmanship sensible extradition frameworks and distributing enforcement resources in a wise way.”
The series of round table was announced in March under the heading “Spring sprint against Crypto Clarity”, with First session will take place on March 21st titled ”How we got here and how we come out – define security status. “
On Friday, Pierce session number two started by asking participants: “What can and should we do in the short term, and what should Congress consider in the longer term to ensure that the regulatory gaps are filled when companies are increasingly trying to combine securities and non-safety trading?”
Industry discussion
Participants in the panel included industry participants from Uniswap Labs, Falconx, Coinbase (Nasdaq: Coins) and investor -focused groups, as well as managers from the New York Stock Exchange and chairman of finance and accounting at UC Berkeley.
A topic for discussion was which aspects of the digital asset industry would fall within Sec’s purpose.
UNISWAP LABS CEO of Legal Chief Katherine Minarik suggested that Peer-to-Peer transactions would not be in Sec’s jurisdiction because intermediaries pose certain risks such as that Decentralized platforms not.
“Many of these risks disappear substantially or entirely when a participant, for example, a participant in a transaction retains custody or control over their own assets,” miner rich claimed.
Staying to the subject Jurisdiction, with founder of Urvin Finance and we investors, Dave Lauer, emphasized the injury caused by the perceived “peat war” between Sec and the colleague for the financial sector, Trade Development Commission (CFTC), over which agency regulates which parts of the digital asset industry.
“I have found that Turf Warfare, The Fighting, the constant question of who should regulate what has caused investors’ injuries directly,” says Lauer, who is also a member of the Ontario Securities Commission’s advisory committee for market structure and previously sat on the Finance Authority’s Market Regulation.
To resolve this conflict, Richard Johnson, CEO and founder of Texture Capital, advocated for a merger of CFTC and Sec when creating new rules for financial trade assets. He criticized the financial innovation and technique of the Law of 2000s (Fit21), Went at the house In May last year, to create a legislative difference and claim instead that SEC’s jurisdiction is limited and cannot extend across the entire digital industry.
Johnson further emphasized that no market can be completely centralized or decentralized, and although Sec can establish rules within the United States, these regulations may have limited influence globally. He concluded that the digital asset market will continue to develop and trade with or without a SEC surveillance.
Other than a few token mentions from a couple of panelists of the inherent risks involved in the digital asset space, overwhelmingly, which Crypto Task Force’s first round table-hade discussion a clear pro-Crypto-Tenor, with a remarkable exception.
Lonely Voice of Dissens
The Crypto love that characterized much of the round table indicates the approach to Sec under the management of acting chairman Uyeda since President Trump’s inauguration and the departure of former chairman Gary Gensler in January.
AgainIt was submitted to the only remaining Democrat Commissioner, Caroline Crenshaw, to be the lone vote for moderation and caution.
Crenshaw emphasized the risks digital asset trading platforms Pose to retail investors, especially related to the lack of clear custody and registration practice.
“Crypto trading platforms are unique because they among other reasons often perform several services under one roof, sometimes including brokers, cleansing and custody,” she mentioned.
In traditional funding, these functions are performed “usually by separate registered units”, added Crenshaw, as they have a “high risk of conflicts of interest and risks for investors.”
She pointed out that “in some cases we have seen these risks materialized in a way that has caused significant market disorders and damage to investors.”
Crenshaw also caused concern that investors will misunderstand the safeguard measures in place, claiming that certain recent market disorders and failures, for example FTXHas forced industrial observers to become “painfully aware of the malpractice between investors’ expectations and reality.”
She questioned panelists and legislators who were present to consider critical issues regarding registration, executive standards and custody risks as part of building a new regulatory framework.
Next Crypto Task Force Roundable will take place on April 25 with the title ”Feel your custodian: Key considerations for Crypto Custody. “
Watch: Blockchain control with Marcin Zarakowski
https://www.youtube.com/watch?v=ca4noqg8ee Title = “Youtube video player” Ramborder = “0” Allow = “Accelerometer; Autoplay; Clipboard writing; encrypted media; Gyroscopes; Image-in-Image; Web-Share” Reference Policy = “Strict-Origin-When-Cross-Origin” Permitting Lorscreen = “” “” “”
