Members of the Crypto Council for Innovation, including from Coinbase and OpenSea, as well as Strategy founder Michael Saylor and Robinhood, are among the latest to meet with the new Securities and Exchange Commission's crypto task force urging for changes in how crypto is regulated.
About 20 members met with that task force on Friday, according to a note published on the SEC's site. Saylor also separately met with the task force on Friday to lay out his priorities for regulating crypto, according to another note. Robinhood met with the crypto task force earlier, on Feb. 19, according to the meeting log.
"While Congress continues to pursue much needed legislation, the Commission has—and has had since 1996—the authority now to establish at least a basic, provisional regulatory regime for digital assets," said Dan Gallagher, Robinhood's chief legal, compliance and corporate affairs officer in the memo.
The SEC could work on rulemaking related to registration requirements, antifraud protections, and custody, among others, Gallagher added.
Over the past several weeks, the SEC has been making moves to re-evaluate its approach to regulating crypto after years of what some in the crypto industry called a "regulation by enforcement" approach. Under the Biden administration, Gensler was skeptical of crypto, calling on crypto firms to register with the agency and saying that most cryptocurrencies were securities.
Earlier this year, acting Chair Mark Uyeda tapped fellow Republican Commissioner Hester Peirce to lead the crypto task force, which includes priorities such as classifying some tokens as "non-securities." The task force has also met with web3 venture firm Paradigm and earlier this exchange Nasdaq and infrastructure firm Jito Labs.
Meanwhile, the SEC has also begun dropping cases brought under the previous administration's leadership. Last week, Coinbase announced on Friday that the SEC plans to drop its case against the exchange. Later, investigations were dropped involving OpenSea and on Monday, Robinhood said the SEC had also concluded its investigation.
CCI's members spoke with the SEC task force about several priorities including guidance on when cryptocurrencies may become securities and clarify that 1:1 dollar stablecoins are not securities.
During the SEC's meeting with Saylor, the founder focused on creating a taxonomy to define terms within the industry as well as creating a regulatory framework.
"By establishing a clear taxonomy, a legitimate rights-based framework, and practical compliance obligations, the United States can lead the global digital economy," Saylor said. "A capital markets renaissance fueled by digital assets will unlock trillions in wealth, empower millions of businesses, and solidify the US dollar as the foundation of the 21st-century digital financial system."
Nasdaq also called for a regulatory framework in its earlier meeting with the SEC.
"This regime should be firmly rooted in existing federal securities laws, which have served investors well for almost 100 years," the exchange said. "However, the regime should provide appropriate tailoring of these laws to account for certain unique characteristics of digital assets securities."
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