SEC Digital Assets Need Customized S-1 Forms Says Uyeda

Key points:

• SEC commissioner Mark T. Uyeda said Tuesday that he sees a need for the regulatory agency to create “customized” S-1 registration forms for digital asset securities.

SEC digital assets need tailoring S-1 forms, says Commissioner Uyeda, advocating for more transparent regulations and international alignment during Korea Blockchain Week.

SEC Digital Assets: Call for Customized S-1 Forms

During the Korea Blockchain Week 2024 event, SEC Commissioner Mark T. Uyeda highlighted the need for a specialized S-1 registration form specifically designed for digital asset securities. According to The Block, Uyeda noted that the SEC’s current registration forms may not be adequate for certain financial products, such as digital asset-based securities.

He expressed disappointment that the SEC has not done more to accommodate these asset classes and urged the agency to develop tailored registration requirements similar to those used for other complex financial products.

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Regulatory Clarity and Global Considerations for SEC Digital Assets

Uyeda also discussed the broader issue of regulatory clarity in the digital asset space, noting the ongoing legal uncertainty surrounding classifying cryptocurrencies as securities. He criticized the SEC’s approach, arguing that the agency should move forward with clear legislation or regulations to define security in the digital asset market.

Uyeda further stated that the SEC should look to the regulatory frameworks of other jurisdictions, such as the EU, South Korea, and Japan, to guide future regulation of digital assets. As one of five SEC commissioners, Uyeda’s views highlight the ongoing debate within the agency about the best path forward for regulating digital assets.