Ethereum

Lido DAO

when

Rocket Pool

SEC Commissioner Mark Uyeda has taken a jab at his agency’s approach to crypto disclosure rules, describing the generic approach applied to crypto asset filings as “problematic.”
In a July 1 <a href="https://www.sec.gov/newsroom/speeches-statements/uyeda-statement-registration-index-linked-annuities-070124" target="_blank" rel="noopener nofollow">statement</a> on the SEC’s official website, Uyeda announced the adoption of new rules and form amendments to implement the Registered Index-Linked Annuities (RILA) Act, changing some of the requirements for how specific firms file their Form N-4 applications. 
At first glance, the statement seems entirely unrelated to crypto. 
However, tucked away in the footnotes was a subtle swipe at how the Gensler-led agency had been approaching its regulation of crypto assets, specifically when disclosing information in Form S-1 filings. 
In footnote 3, Udeya called for the Form S-1 filings — used by firms when going public or registering new securities — to be updated to better reflect the unique nature of digital assets and slammed the agency’s current approach to crypto filings as “problematic.” 
“Many of these issuers and crypto digital assets have characteristics for which Form S-1 may technically require information that is not relevant or applicable, but does not require certain information that may be material,” Udeya wrote. 
<blockquote data-ct-non-breakable="true">
 “This [current] approach for crypto digital assets is problematic because it neither facilitates capital formation nor protects investors.”
</blockquote>
In a July 2 <a href="https://x.com/AlexanderGrieve/status/1807873753763746140" target="_blank" rel="noopener nofollow">post</a> to X, Alexander Grieve, head of government affairs at crypto venture capital firm Paradigm, said this was — to his knowledge — the first time that Commissioner Udeya had gone on record calling for a tailored disclosure regime for crypto assets. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/127ce157-5ce3-48ff-bd6b-f355dca5f6ad.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Alexander Greive
 </figcaption>
</figure>
“The SEC under a different admin would be a very different place,” Grieve added. 
The Blockchain Association — a United States-based crypto advocacy group — also praised Udeya’s comments in a July 2 <a href="https://x.com/BlockchainAssn/status/1807880958085156935" target="_blank" rel="noopener nofollow">post</a> to X, saying his “nuanced, innovation-forward approach” to crypto was exactly what the industry needs. 
Related: <a href="https://cointelegraph.com/news/sec-silvergate-bank-ftx-lawsuit-securities-fraud">SEC files lawsuit against FTX-linked bank, alleging fraud</a>
Udeya’s statement comes just four days after <a href="https://cointelegraph.com/news/sec-sues-consensys-metamask-brokerage-staking-services">his agency sued Ethereum development firm Consensys</a> on June 28, alleging that its wallet application MetaMask acted as an unregistered broker involved in the “offer and sale of securities.”
It also targeted Ethereum staking services including Lido DAO and Rocket Pool — the platforms that MetaMask uses for Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) staking. 
Consensys <a href="https://cointelegraph.com/news/consensys-lawsuit-sec-ethereum">sued the SEC in April</a> after receiving a Wells notice from the agency, challenging potential attempts to classify ETH and related staking services as securities. 
X Hall of Flame: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift — Dynamo DeFi</a>

SEC Commissioner Mark Uyeda calls agency’s approach to crypto filings ‘problematic’

Cointelegraph

Other articles published on Jul 2, 2024

US FED Could Open Doors To Over $100 Billion Inflow With Rate Cut, Which Altcoins Will Jump the H...

Aptos Proposes Aave V3 Deployment

Notcoin Price Prediction: NOT Price Can Break ATH If This Happens

Circle Registers as First MiCA-Compliant Stablecoin Issuer in the EU

$2M Giveaway & BlockDAG Innovation Boom: Crypto Enthusiasts Wonder, Should Solana and Fantom Bow ...

Crypto Market Suffers Persistent Declines

Join our free newsletter for daily crypto updates!