🔥SEC Crypto Task Force Roundtable Remarks‼️
The SEC is working to provide clear guidelines for crypto asset markets, including regulatory treatment of digital assets and distributed ledger technologies. Commissioner Hester Peirce emphasizes the importance of establishing a rational regulatory framework for crypto asset markets to foster innovation and protect investors.
💥Custody and Security
🔹️Updating Custody Rules:
The current custody rules under the Exchange Act, Advisers Act, or Investment Company Act may need to be updated to accommodate crypto assets and blockchain technology.
🔸️New Broker-Dealer Framework:
The "special purpose broker-dealer" regime may not be workable for market participants, and a new crypto asset broker-dealer framework might be necessary to provide clarity and flexibility.
💥Tokenization
🔹️Remodeling Securities Market: Tokenization has the potential to remodel aspects of the securities market by enabling new methods of issuing, trading, owning, and using securities.
🔸️Regulatory Changes:
The SEC needs to consider whether regulatory changes are needed to accommodate on-chain securities and other crypto assets, ensuring a level playing field and investor protection.
💥Investor Protection
🔹️Investor Expectations:
Investor expectations and protections are crucial considerations in regulating crypto trading platforms.
🔸️Balancing Innovation and Protection:
The SEC aims to balance innovation with investor protection and market integrity, ensuring that regulatory frameworks support both growth and safety.
💥Path Forward
🔹️Comprehensive Regulatory Framework: The SEC is working to develop a comprehensive regulatory framework for crypto assets, including clear rules for issuance, custody, and trading.
🔸️Coordination and Clarity:
Commissioner Peirce and Chairman Atkins emphasize the importance of coordination across multiple offices and divisions within the Commission to provide long-needed clarity and certainty to the American public.
