SEC Commissioner Calls for Tailored Registration for Digital Asset Securities

During a private discussion at Korea Blockchain Week 2024 in Seoul, U.S. SEC Commissioner Mark T. Uyeda emphasized the need for the SEC to create a specialized Form S-1 for digital asset-related securities.

Form S-1 is a registration document that U.S. issuers must submit to the SEC before offering a new security product.

This form requires detailed disclosures, including financial statements.

Uyeda pointed out that the SEC’s existing registration process may not be suitable for certain financial products, using registered index-related analogs as an example.

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He suggested that the SEC could work with product issuers to develop tailored registration requirements for crypto and digital assets, asking:

Why not apply this same approach to securities tied to crypto and digital assets?

He expressed frustration, noting that the SEC has the flexibility to accommodate digital asset creators but has yet to make significant adjustments.

Alexander Stefanov