No Crypto project registered in SEC and ‘Lived to tell the story’ – Home Committee hearing

U.S. security laws are not flexible enough to account for digital property, such as evidence of the parade of crypto-foster companies who have tried and failed to enter the Securities and Exchange Commission’s (SEC) good graces, Rodrigo Seira, special advice on Cooley LLP, said at a hearing on April 9 home committee.

The hearing, titled The Modern American and the future of digital assets aligned with US security laws for digital age, Seira, Wilmerhale’s partner Tiffany J. Smith, polygon chief legal officer Jake Werrett and Alexandra Thorn, a senior director at the Center for American Progress.

“Obviously the current security regulation framework is not a viable option to adjust the crypto. It failed to achieve the stated policy goals,” Seira said in her opening comments. “(T) his idea that crypto projects can come in and register with the SEC is not good.”

Seira acknowledged that crypto advocates that Raise the capital For a new business should be subjected to federal security laws.

“In practice, however, there were almost no crypto projects that successfully registered their tokens under federal security laws and lived to tell the story,” he said, and added:

Projects that have been tried to comply with (the) current SEC regulation requirements have spent significant resources and efforts only to fail or survive in a state of uncertainty in regulation. Moreover, registering is not a simple process once. Registering a token in the same way such a stock motivates an obligation to operate as a public reporting company (…). “

Related: Crypto has a problem with getting regulation in Washington – or this?

Ship -Righting

In the introduction of witnesses, representative Bryan Steil, who filled the subcomm committee on digital assets, financial technology, and artificial intelligence, recognized road regulations, which he said was placed through the previous administration.

Under President Donald Trump, lawmakers are trying to make the ship right by passing the wise law, Steil said.

One of the first steps that took place last week when House’s financial service committee Advanced the steady gesturedesigned to arrange payment stables tied to US dollars and other fiat currencies.

A month before, the Senate Banking Committee Advanced the Genius Act.

The next step is to “advance the second half of this agenda: comprehensive law in the structure of the digital asset market,” Steil said.

Representative ro Khanna A digital asset conference said last month that a market structure bill will cross the end line this year.

The purpose of such a law is to establish a clear framework of regulation for digital property, including their legal categories and the jurisdiction of implementing agencies such as the SEC and Commodity Futures Trading Commission.

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