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With the start of President Trump’s administration, the SEC has significantly changed its approach to cryptocurrency. A crypto task force has been established within the institution, headed by Hester Peirce, who is recognized for her pro-crypto stance. Since taking the lead, Peirce has been holding meetings with cryptocurrency companies, the most recent of which took place on March 4.
SEC and Cryptocurrency Meeting
The meeting was conducted with Digital Asset Holdings, focusing on the importance of tokenization. This sector is expected to transform into a trillion-dollar market, yet it lacks clear cryptocurrency regulations. Tokenization refers to the digitalization of real-world assets on the blockchain, and recently, the tokenization of treasury bonds has gained significant demand.
Digital Asset Holdings LLC believes that regulatory clarity must be established regarding tokenization, differentiating between digital assets and traditional securities that are tokenized. The suitability of blockchain as an official registration system for securities needs to be assessed. Moreover, regulatory facilitation should be introduced for the use of tokenized securities as collateral.
The U.S. Commercial Code (UCC) Article 12 could serve as a model for the custody and control of digital assets. DAH LLC emphasizes the need for more modern and flexible rules, as existing securities laws are not suitable for decentralized assets. A different regulatory framework should be created for pre-mined tokens. Additionally, the fundamental ideas proposed by the company to the Crypto Task Force are similar to what has been observed in other meetings.
