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The proposal includes a seven-step framework that encompasses real-time regulatory oversight and updates to investor accreditation standards.
Fairmint calls for a blockchain framework for private markets in SEC proposal
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Cryptocurrency companies are intensifying their efforts to influence regulatory guidance regarding digital asset transactions. On Monday, Fairmint, a conversion company, proposed a framework to the SEC's Digital Assets Working Group targeting what it described as outdated and fragmented back-office infrastructure in private securities management.
The seven-part Fairmint proposal was presented to SEC Chairman Paul Atkins and Commissioner Hester Peirce, aiming to standardize the interoperability infrastructure between transfer agents, introduce the possibility of real-time regulatory oversight via blockchain, and enable the investor to self-custody with compliance guarantees.
It also calls for a shift to knowledge-based accreditation standards, moving away from traditional income and net worth thresholds, and creating a sandbox for regulated decentralized finance (DeFi).
The term "private equity" refers to investment in privately owned companies, not publicly traded ones. According to financial services company S&P Global, the global private equity market reached $5.3 trillion in 2023 and is expected to grow to $6 trillion by the end of 2024.
According to Fairmint, the private investment sector heavily relies on expensive spreadsheet software that does not provide settlement capabilities, while more options are available in public markets. Among the company's clients is Privy, a provider of e-wallet infrastructure, and the local social media platform Bloom Network.
Goris Delano, the CEO of Fairmint, said: "Private companies manage billions of dollars in capital tables using Excel, while public companies have organized infrastructure. This leads to unnecessary friction, compliance gaps, and limits the formation of American capital."
Related: Bitcoin 2025 developers expect DeFi to replace traditional finance
Tokenization is gaining momentum
The SEC's cryptocurrency task force has been exploring regulatory pathways at the intersection of traditional and digital assets. The agency held two major regulatory roundtables over the past few weeks, receiving contributions from the cryptocurrency sector regarding tokens and decentralized finance.
Financial companies are also considering converting publicly traded companies into tokens. For example, retail trading platform Robinhood plans to create a blockchain network to enable Europeans to trade U.S.-listed stocks. Vladimir Tenev, CEO of Robinhood, recently stated that converting companies to tokens, including private equity, will be the company's next focus.
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