TechFlow news, on March 22, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) held its first cryptocurrency roundtable meeting on March 21, bringing together industry lawyers, officials, and former regulators. At the meeting, John Reed Stark, former director of the SEC's Office of Internet Enforcement, strongly opposed modifying the existing regulatory framework for digital assets.
Stark stated that the Securities Acts of 1933 and 1934 should not be altered to accommodate digital assets, insisting that digital assets cannot escape the definition of securities under current laws. "People buying cryptocurrency are not collectors. We all know they are investors, and the SEC's mission is to protect investors," Stark emphasized at the meeting.
He further noted: "Because of all these crypto companies, case law has evolved so quickly. They have adopted a delaying tactic, hiring the best law firms in the world, which file incredibly detailed briefs to challenge the SEC. I've read every document—they lose almost every time."
