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September 18, 2024

Commissioner Uyeda Calls for Tailored Registration Form for Crypto

In early September, SEC Commissioner Mark Uyeda spoke at the Korea Blockchain Week in Seoul, South Korea. According to a recent CoinDesk article, he suggested at the event that the SEC should create a registration statement form tailored to digital assets.

The agency’s current form, the primary application companies must fill out to register securities in the U.S., does not do justice to digital assets and other unusual financial products, Uyeda said. The regulator has not done enough for digital asset products looking to register in the country, he said. … Uyeda noted that the regulator can work with crypto companies to figure out what parts should be added or removed from the present version.

When asked about crypto during the “Dialogue with the Director” at the ABA Business Law Section Fall Meeting, Corp Fin Director Erk Gerding noted that he didn’t have any further information on Commissioner Uyeda’s comments. But, noting that the largely principles-based nature of existing forms and rules work for issuers and instruments across many industries, including crypto asset securities, he suggested that anyone considering registering a particular asset with the SEC should talk to the Staff or take the plunge and submit a filing. He said the Staff will have crypto experts in the Division work through questions with advisors and issuers on how particular rules and disclosure items apply in their particular circumstances.

Speaking of crypto and the divided Commission, FOX Business journalist Eleanor Terrett shared Monday on X that the full five-member Commission is preparing to testify in front of the House Financial Services Committee next Tuesday, which she says will be the first time all the Commissioners have testified together since 2019. Chair Gensler will testify the following day, and her follow up post reports the Committee will hold a hearing called, ‘Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.’

Meredith Ervine 

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