The Blockchain Association urged the U.S. Securities and Exchange Commission to take an “incremental, flexible approach” to regulating cryptocurrency as the agency charts a new course. The advocacy group, which has members including Coinbase, Uniswap Labs and Ripple, sent a letter in a response on Friday to the SEC’s newly created crypto task force.
“We think it is important that the Commission take an incremental, flexible approach to regulating trading of crypto assets, recognizing that technology and market practices have and will continue to evolve,” the group said in the letter. “Where possible, the Commission should avoid adopting rules, policies, or guidance that limits who can use blockchain technology or the use cases for the technology.”
Dozens of stakeholders have filed written input to the agency’s Crypto Task Force over the last few months as the agency works to reframe how it regulates cryptocurrency. Under the previous presidential administration, former SEC Chair Gary Gensler asserted that most cryptocurrencies were securities and encouraged the agency to pursue major crypto companies over alleged registration violations.
Paul Atkins, the SEC has a new chair, said he anticipates “huge benefits” from digital assets and plans to work with lawmakers to create a supportive regulatory framework for crypto. Since Gensler’s exit, former acting chair Mark Uyeda created the crypto task force, which has held public roundtables so far on topics including the digital asset custody, trading and staking.
On Friday, the Blockchain Association said the SEC’s previous administration tried to “mold crypto market structure along the lines of a stylized view of the equity markets.”
That doesn’t work and doesn’t account for blockchain technology, which is designed to disintermediate market actors and enable traders to maintain control over their funds, the group said.
“The Commission should leverage technological and market innovation instead of dictating the specific ways that trading takes place,” they said.
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