John Reed Stark, the former director of the Office of Internet Enforcement at the United States Securities and Exchange Commission (SEC), pushed back against the idea of regulatory reform at the first SEC crypto roundtable.
The former regulator said the Securities Act of 1933 and 1934 should not be changed to accommodate digital assets and urged that digital assets do not escape the definition of securities under the current laws.
The first-ever SEC crypto roundtable. Source: SEC
“The people buying crypto are not collectors. We all know that they are investors, and the mission of the SEC is to protect investors,” Stark said. The former official added:
“The volume of case law has developed so quickly because of all these crypto firms. They went for this sort of delay, delay, delay, idea, and they hired the best law firms in the world, and these law firms all fought