#SECCrypto2.0 The U.S. Securities and Exchange Commission (SEC) has officially advanced the "SEC Crypto 2.0" initiative and called for the establishment of a Presidential Crypto Working Group, signaling a new push towards tighter oversight and structural reforms in the digital asset sector.
According to documents cited by ChainCatcher, the SEC aims to align the trading of digital asset securities with traditional financial instruments by implementing standardized transaction reporting requirements under the Securities Exchange Act.
Key Highlights of the SEC Crypto 2.0 Proposal:
Equivalent Reporting for Digital Assets
The SEC will advocate for the treatment of digital asset securities like traditional securities, requiring timely transaction reporting to enhance transparency and protect investors.
Tighter Oversight of Off-Chain Transactions
The primary focus of Crypto 2.0 is on off-chain trading activities, such as those conducted over-the-counter (OTC) or through decentralized platforms, which the SEC considers to be high-risk and under-regulated.
Digital Asset Transaction Repository (DART)
The agency has proposed a joint initiative with the CFTC to launch and oversee the Digital Asset Transaction Repository (DART). This centralized platform will serve as an authoritative source for all digital asset security transactions, helping regulators to monitor market activity more effectively.
Market Structure & Investor Protection Norms
The framework will include updated norms for market structure, including potential amendments to the Securities Exchange Act, to address the rapidly evolving digital asset space.
Establishment of a Presidential Working Group
In line with this initiative, the SEC supports the establishment of a new Presidential Crypto Working Group aimed at coordinating federal agencies, streamlining regulations, and strengthening consumer protections in the crypto ecosystem. This working group is likely to include representatives from the SEC, CFTC, Department of Treasury, IRS, and other key departments.