US SEC cryptocurrency working group webpage online: from issuance to ETF, announced the top ten priority matters

Compilation: Mary LIUV, compared to push Bitpushnews

The new official took three fires.

After Gary Gensler resigned, the new leadership of the US Securities and Exchange Commission (SEC) has frequently moved recently. Today, it officially launched a new cryptocurrency working group webpage and announced the top ten priorities. The supervision strategy of assets is changing significantly, and gradually shifting from the past "law enforcement supervision" to "guidance and standardization."

From clarifying the securities attributes of crypto assets to exploring cross-border regulatory cooperation, this "priority list" written by Hester Peirce, head of the Cryptocurrency Task Force and SEC Commissioner, covers multiple core issues in the cryptocurrency field. At the same time, the hint of the reduction of law enforcement has also provided more breathing space for industry participants, which represents a more flexible and inclusive regulatory environment. The trend is worthy of close attention.

The following is the original text, which is slightly deleted for the convenience of reading:

The Journey Begins

When I was a child, my family drove from Ohio every year to Myaine for vacation. It was a completely different era. Without a mobile phone, if there is a problem with the car, we cannot call for help; there is no mobile phone navigation application, only paper maps and routes written on paper; and no online booking hotels, we can only stop from seeing the signboard and stop Is there any empty room? There are no podcasts or sound books, only rustling radio, barely can receive local radio stations. Brothers and I have no back seat screen to watch videos. I can only play a "no technology" game: scan the license plate of the past vehicle and collect the license plates of each state. Today, road travel is very different. In most aspects, technology makes travel more pleasant and safer.

The "encrypted journey" opened by the newly announced crypto Task Force should also be more pleasant and safer than this road that the SEC has led the industry in the past ten years.

During the past journey, the committee refused to use its control tools, but continued to step on the law enforcement brakes and moved along a winding road, and the destination was not clear for anyone. But as modern technology cannot completely eliminate the risk of road travel, this new journey to the clear supervision is still full of danger. Both the committee and the public need to be vigilant and realize the risks and opportunities that may exist ahead. I am very happy to set foot on this journey with a group of talented SEC staff. We also look forward to interacting with many enthusiastic public to help us navigate. With these help, I hope that we can reach a better place than we think, not like a decline like the last encryption journey. Before discussing the promise and opportunities of the working group, please allow me to make some important disclaimers.

First of all, although I am now responsible for leading the SEC's new Tariff Currency Working Group, the views I express only represent my individual, and it does not necessarily represent the position of SEC or other members. The committee's position always needs to be voted by the committee.

Secondly, we spent a long time falling into this chaos, and it takes some time to come out. The committee has dealt with the encryption industry in various forms for more than ten years. In 2013, the first bitcoin exchange product (ETP) application was submitted to us. In the same year, the committee also dealt with fraud cases related to encryption. In 2017, we posted the report of Article 21 (a) of DAO, applying the HOWEY test to the encryption field for the first time. Since then, we have adopted many law enforcement actions and posted some no-action letters, which provided some exemption relief. , Participated in multiple inter -institutional and international encryption working groups, discussed some aspects of encryption in the rules formulation proposal, reviewed the encryption related issues in the registration statement and other documents, and approved multiple self -discipline organizations (SROs) to propose The listing rules of the encryption exchange trading products are changed. However, the committee has always had problems with inaccurate law and unrealistic business. Therefore, many cases are still in the lawsuit, many rules are still in the proposal stage, and many market participants are still uncertain. It takes time to clarify these intricate issues, including the ongoing lawsuits. This will involve the efforts of the entire institution and the cooperation with other regulatory agencies. Please wait. The working group hopes to reach a good destination, but we need to achieve this goal in an orderly, practical and legal way to defend.

Third, the working group hopes to go to a destination where people can experiment and build interesting things, rather than a shelter of fraud. The reason why the US capital market is so powerful, efficient and effective, partly because we formulate rules aimed at protecting investors and market integrity, and we implement these rules. We cannot tolerate scammers, frauds and scammers. When the working group helps formulate this regulatory framework, it will consider anti -fraud protection measures carefully. If the committee finds that fraud beyonds our jurisdiction, the case can be transferred to other regulatory agencies. Without any regulatory agencies to have jurisdiction over this, the committee can ask this vulnerability to ask Congress to pay attention.

Fourth, the working group is trying to help create a regulatory framework that can achieve both important regulatory goals (including protecting investors) and retaining the industry's product and service capabilities. This framework will operate within the legal authority assigned by the Congress, and we will also cooperate with other regulatory agencies operating within its legal authority. The current law does not allow the products within our jurisdiction. Congress has set parameters, and the committee will execute. Congress also gives us exemption, and the committee will use it as appropriate. In the case of Congress requesting committees to apply for market participants, the rules of the SEC will not make you want to do whatever you want. Some of these rules will bring costs and other compliance burdens, which may make some people feel uncomfortable. The committee will use their law enforcement tools to investigate non -compliance when necessary.

Fifth, the staff of the committee is working hard to handle the application for exemption relief, no objection request and registration statement, but the increase in the application volume may bring challenges. Observing technical and legal requirements, reasonable legal analysis, and making comprehensive and timely response applications to the problems of staff will help save the resources of the committee, and achieve clear supervision's clear goals faster and more smoothly. As always, this due diligence will help the application go through the approval process more smoothly; on the contrary, the lack of due diligence investigations may lead to unnecessary delays. The first submitting application does not necessarily mean the first approval.

Sixth, the new commitment to a better regulatory environment should not be regarded as recognition of any cryptocurrency or token. Regardless of whether these tokens or Token belong to our jurisdiction, the committee never recognizes any products or services; there is no so -called SEC approval seal. It is easy to issue tokens and Token. If people want to buy tokens or products that lack a clear long -term value claim, they can choose freely, but if the price falls one day, it should not be surprised. In this country, people usually have the right to make a decision for themselves, but the corresponding aspect of this wonderful American freedom is the same wonderful American expectations: people must decide themselves, instead of expecting "government mothers" What do you do, do not expect government assistance when they make mistakes.

Now, these slightly stiff statements have been said, let us talk about the content of the staff of the working group working with the staff of the committees of the committee. We will cooperate with other federal government departments, state securities regulators and international counterparts. We invite builders, enthusiasts, and suspects to interact with us to discuss what the final rules should be, and what temporary measures can be taken during this period to promote innovation. The staff of the committee has obtained a milestone -revoked "Employee Accounting Announcement 121" -but there are still many jobs to do. The following lists are not detailed, and they are not arranged in the order of priority or expectations.

• Securities State Program: We will work with investment advisors to provide an appropriate regulatory framework that enables the advisor to safely, legally and practically custodialize client assets on their own or through third parties.
• Encryption borrowing and pledge: We need to clarify whether the encrypted borrowing and pledge plans are under the jurisdiction of securities law. If so, how to jurisdiction. We plan to help solve the question of how these plans are legally built
• Crypto Exchange Trading Products: The Committee has received a proposal to change the rules of the new type of encrypted exchanges proposed by the Self -Regulatory Organization. The working group will cooperate with the staff to provide a clear statement on the method of approval or rejecting these applications. The working group will also assist staff and committees to consider the requests to modify certain functions of existing exchanges trading products, including allowing pledge and physical creation and redemption. However, before the implementation of these changes, the committee may need to make progress on hosting and other issues.
• Clear institutions and transfer agents: The working group also plans to study the intersection of encryption and clearing agency and transfer agency rules. We will continue to cooperate with market participants who use blockchain technology to modernize securities or use blockchain technology in other ways.
• Cross -border sandbox: Many encrypted projects are international. The working group is considering how to promote cross -border experiments within a limited scale and temporary time range, and may explore more permanent and long -term solutions.

This paragraph about how the working group thinks of the future journey is not detailed or finally determined, but I hope it can inspire your interest. Although the obstacles to the ultimate destination of a reasonable and clear rule set, if we can cooperate, this journey will be exciting and beneficial.