The American Securities and Exchange (SEC) commission held its first round table of the crypto working group on March 21 to discuss the regulations, which ended with a consensus that Crypto needs regulatory clarity in the United States despite divergent opinions among the panelists.
The panelists went from defenders of skeptic cryptography and the session focused on long -standing debates, in particular the classification of digital assets and the limits of existing securities in the fight against decentralized technologies.
The defenders defended decentralization as a gauge to determine if a token is security. At the same time, skeptics argued that the current definition of the Howey test works because the dry has won more movements than Lost.
The event marked a change of tone of the dry under the former president Gary Genslerwhich frequently characterized most cryptographic tokens as titles and has pursued implementing measures against large companies.
Legal definitions and the scope of the law of securities
The discussions have extended to the characteristics of digital assets, if necessary, justify a different treatment under the law. The defenders of the cryptography of the event suggest that beyond asking if something is a guarantee, the most relevant question may be whether certain titles deserve an exempt distribution.
Supporters have argued that a possible differentiator is the degree of control exercised by issuers, a concept that captures the decentralized nature of many blockchain networks better.
Lee Reiners, a conference scholarship holder at the Duke Financial Economics Center, said all the panelists agree that Bitcoin (BTC) is not security because it is sufficiently decentralized.
However, he added that drawing a line to define if something is sufficiently decentralized or an investment contract is impossible, citing a report by Commodity Futures Trading Commission (CFTC) which divides decentralization by specters based on different aspects.
Risk of investors and statutory authority
The skeptics of the cryptographic industry have presented contrasting perspectives. The former manager of the application of the Sec John Reed Stark and the most vocal critic have argued that the agency's responsibility is to protect investors who buy digital assets.
In addition, crypto criticisms have argued that the Howey test remains a sufficient legal standard and that the history of successful disputes affirm its interpretation authority. Stark suggested that it is not necessary to reinvent the framework.
Despite these divisions, participants have generally agreed that clearer definitions and regulatory consistency would benefit the industry and the responsibilities of SEC SUBLION.
The round table represents the first of a series of efforts to modernize the position of the agency on cryptographic markets while balancing the protection of investors with technological innovation. It signals the start of the regulator reassessment process.
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