#CryptoRoundTableRemarks The prior U.S. government administration discouraged Americans from participating in these market-based systems by asserting through lawsuits, speeches, regulation, and threatened regulatory action that participants and staking-as-a-service providers may be engaged in securities transactions. I am grateful to the Division of Corporation Finance staff for clarifying its view that voluntary participation in a proof-of-work or proof-of-stake network as a “miner,” “validator,” or “staking-as-a-service” provider is not within the scope of the federal securities laws.[2]  As happy as I am over that step, it is not a duly promulgated rule with the force of law, so we cannot stop there.  The Securities and Exchange Commission must adopt a regulation based on the authority that Congress has given us.