The US Securities and Exchange Commission (SEC) closed public comments on Tuesday for its proposed 'Regulation Crypto Assets,' a set of rules introduced in August designed to establish a regulatory framework for certain investment contracts involving crypto assets.
The SEC received approximately 140 comments during the 60-day comment period from interest groups and individuals addressing proposed rules related to a safe harbor that would prevent token issuers from being classified as "investment contracts," as well as exemptions for offerings under specified thresholds.
Industry feedback on proposals
The Markets in Crypto Assets (MiCA) Crypto Alliance, a group formed to assist organizations implementing the EU's digital asset framework, largely supported the SEC's proposed changes to disclosure requirements. The alliance recommended specific amendments to help the SEC better define "concepts and data structures specific to crypto assets and the disclosure requirements."
SkyBridge Capital founder Anthony Scaramucci stated support for the SEC's proposed crypto rules, characterizing them as responsive to "organic adoption" and representative of the Commission's "proper role." Six commenters submitted remarks anonymously.
Regulatory considerations
While many public comments praised the SEC's regulatory efforts or expressed openness to further discussion, some legal experts have noted that rules adopted by the agency could be more easily overturned than legislation passed by Congress. The SEC and the Commodity Futures Trading Commission, both agencies overseeing aspects of the crypto industry, remain understaffed at the leadership level.
The SEC's move forward with crypto asset policies follows Congress's failure to pass legislation that would have established a comprehensive regulatory framework for cryptocurrency across multiple government agencies.
