John Reed Stark, the former director of the Office of Internet Enforcement in the United States Securities and Exchange Commission (SEC), has again pushed against the idea of regulatory reform in the first SEC Crypto Roundtable.
The former regulator said the Securities Act of 1933 and 1934 should not be changed to accommodate digital possession and encouraged that digital ownership could not escape the meaning of security under current laws.
The first sec crypto roundtable. Source: Sec
“People who buy crypto are not collectors. We all know they are investing, and the SEC mission is to protect investors,” Stark said. The former officer added:
“The amount of law of cases has rapidly evolved because of all these crypto companies. They went for this kind of delay, delay, delay, ideas, and they have hired the best law companies in the world, and the firms of this law have fought the SEC with incredible -belief.”
“I read each of them. And they just disappeared, I would argue, every single time,” he continued.
Stark concluded that he had no modern change in digital assets or cryptocurrencies compared to previous online revolutions, such as the iPhone debut.
John Reed Stark, pictured on the far right, focused against comprehensive regulatory reform. Source: Sec
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John Reed Stark: One of Crypto’s Staunchest critics
Stark is one of the most vibrant opponents of cryptocurrencies and digital asset industries, often criticizing the industry for a lack of transparency and responsibility.
In February 2024, the former SEC official characterized a sponsorship deal between Dallas Mavericks – a team of the National Basketball Association (NBA) – and the Crypto firm Voyager as an agreement with an “Heroin manufacturing firm. “
Stark later said that the regulation of the government agency by implementing former chairman Gary Gensler was warranted and added cryptocurrency must comply with existing laws Instead of emerging the law to embrace the future of money.
Stark’s Anti-Crypto Stance has been criticized by industry and investors as unoccupied. In June 2023, well -known investor Mark Cuban calls Reed’s views as “Crypto Derangement Syndrome.”
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