SEC Crypto Task Force meets with Saylor, CCI, and MITRE to discuss regulation

The SEC Crypto Task Force met with Strategy enforcement seat Michael Saylor, representatives from the Crypto Council for Innovation and MITRE Corporation to sermon the champion attack to regulating crypto assets successful the US connected Feb. 21.

According to memos shared by the SEC, the task unit force reviewed a model papers defining a crypto taxonomy and a regulatory operation during the meeting.

The papers classifies integer commodities specified arsenic Bitcoin (BTC), integer securities tied to issuers, integer currencies backed by fiat, integer tokens with defined utility, non-fungible tokens for unsocial integer applications, and integer ABT assets linked to carnal commodities.

It establishes rights and responsibilities for issuers, exchanges, and plus owners by calling for just disclosure, transparent custody practices, and adherence to section laws. The model besides proposes standardized disclosures, industry-led compliance processes, and plus issuance and attraction outgo limits. 

Additionally, Saylor’s presumption highlighted the imaginable for faster and little costly plus issuance, broader marketplace access, and a displacement successful superior markets that could fortify the US dollar and trim nationalist indebtedness done strategical measures specified arsenic a Bitcoin reserve.

Revisiting staking

Representatives from the Crypto Council for Innovation (CCI) recommended clarifying the regulatory attraction of staking services, passive blockchain information platforms, and incentive-based rewards. 

The gathering included 20 representatives from aggregate crypto players, specified arsenic Coinbase, a16z, and Filecoin Foundation.

They projected that guidance oregon no-action alleviation beryllium issued to corroborate that bona fide staking services and related infrastructure providers are not taxable to securities laws. This alteration could let crypto exchange-traded products to see staking activities successful their filings. 

The CCI besides recommended that platforms offering blockchain exploration tools and non-custodial Web3 marketplaces beryllium excluded from the definitions of brokers, exchanges, oregon alternate trading systems erstwhile these platforms supply lone entree oregon information show functions. 

The recommendations further called for guidance to specify a non-security presumption for non-fungible tokens utilized chiefly arsenic creator works, collectibles, virtual land, oregon akin non-financial applications. 

Additional proposals included issuing no-action letters, pausing compliance-only enforcement actions, and modifying rulemaking processes to relationship for decentralization and on-chain trading. These measures purpose to equilibrium capitalist extortion with enactment for manufacture innovation.

The assembly urged the SEC to physique connected anterior decisions and manufacture momentum to heighten regulatory clarity and capitalist extortion successful the US.

Research-driven insights connected stablecoins

MITRE Corporation presented probe and improvement activities focusing connected the crypto marketplace and its regulatory implications. 

Operating arsenic the US Treasury’s federally funded probe and improvement center, the steadfast outlined its enactment connected a logic-based attack to stablecoin regulation, processing workflow tools to enactment remark processing and utilizing argumentation visualization systems to place regulatory dependencies. 

MITRE besides elaborate its integer plus threat-sharing platforms and a cyber menace model for crypto. 

Research findings discussed astatine the gathering revealed hidden centralization wrong decentralized finance, stressed the request for slope accent investigating successful scenarios coupling decentralized concern (DeFi) and accepted finance, and suggested implementing circuit breakers astatine the astute declaration level to mitigate hazard propagation.

MITRE’s method enactment is designed to enactment SEC rulemaking by providing data-driven insights and innovative tools to make a regulatory model susceptible of addressing evolving challenges successful the integer plus ecosystem.

The gathering concludes with a broad reappraisal of proposals and probe aimed astatine establishing a regulatory model that supports innovation portion ensuring marketplace integrity.

The station SEC Crypto Task Force meets with Saylor, CCI, and MITRE to sermon regulation appeared archetypal connected CryptoSlate.