SEC Commissioner Hester Peirce Releases Work List for Cryptocurrency Working Group, Mainly Including:

Security Status:
Clarifying the securities characteristics of crypto assets under securities law is crucial for addressing many other issues. The working group is working to study different types of crypto assets.

Scope Definition:
The working group will assist in identifying areas that do not fall under the Commission's jurisdiction. As a first step, staff welcomes requests for No-Action Letters. No-Action Letters are typically statements from staff regarding specific situations, clearly indicating that under certain specific conditions, staff will not recommend that the Commission take enforcement action. While such statements apply only to specific situations, they can provide insight into how staff thinks.

Token and Token Issuance:
The working group is considering recommending that the Commission take action to provide temporary forward-looking and retroactive relief for token issuances. Under this arrangement, issuing entities or other entities willing to assume responsibility must provide certain specific information and keep that information updated, while not contesting the Commission's jurisdiction in cases of alleged fraud related to the buying and selling of the asset. These tokens will be considered non-securities, allowing them to trade freely in unregistered secondary markets as long as the information is accurate and kept updated. This approach can serve as a transition until more long-term rules or legislation are established. It not only provides a viable path for existing tokens but also encourages more information disclosure.

Registered Offerings:
The working group will consider collaborating with staff to recommend that the Commission amend existing registration pathways, including Regulation A and Crowdfunding, so that those interested in registered token offerings can have viable registration options.

Special Purpose Broker-Dealers:
The working group will explore potential updates to the No-Action Letter for special purpose broker-dealers. The current statement is not effective. A preliminary change we may suggest is to broaden the scope of the statement to cover broker-dealers that simultaneously custody both crypto asset securities and non-security crypto assets. We will work with the public to identify other barriers to registration.

Custody Solutions for Investment Advisors:
We will work with investment advisors to provide an appropriate regulatory framework that allows advisors to self-custody client assets or use third-party custody in a legal, safe, and practical manner.

Crypto Lending and Staking:
We need to clarify whether crypto lending and staking programs are regulated under securities law, and if so, how they should operate. We plan to help clarify how to structure these projects in compliance with the law.

Exchange-Traded Products (ETP):
The Commission has received SRO proposals for listing new types of crypto exchange-traded products (ETP). The working group will collaborate with staff to provide clear standards for approving or denying these applications. The working group will also assist the Commission and staff in considering requests to modify certain features of existing exchange-traded products, including allowing staking, physical creation, and redemption. Before these changes can be practically implemented, the Commission may need to make progress on custody and other issues.

Clearinghouses and Transfer Agents:
The working group plans to study the intersection of crypto with clearinghouse and transfer agent rules. We will continue to work with market participants interested in tokenizing securities or modernizing traditional financial markets using blockchain technology.

Cross-Border Sandbox:
Many crypto projects have international characteristics. The working group is considering how to facilitate cross-border experimentation on a limited scale and timeframe, and may explore more long-term permanent solutions.

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