SEC commissioner calls for "customized" forms for digital assets

SEC commissioner Mark Uyeda advocates for customized application forms for digital crypto assets. Can he convince Gary Gensler?

SEC commissioner Mark T. Uyeda advocates within the American stock market watchdog for "customized" S-1 registration forms for digital securities. He said this during an interview at the Korea Blockchain Week 2024 in Seoul.

Issuers wishing to file a new securities product with the SEC do so using the S-1 form.

However, Uyeda believes that the SEC's standard registration form is inadequate for certain digital assets (e.g., cryptocurrencies). Currently, the regulator is working with product providers to develop customized requirements for these registrations.

The commissioner also focused specifically on the asset class of cryptocurrencies. He stressed the desire not to impose requirements that are not necessary for digital securities and could create an insoluble situation for providers.

For now, the change in document standards does little to change whether cryptocurrencies are classified as securities by the SEC.

Uyeda hopes SEC head Gary Gensler will further address these uncertainties. Digital assets and cryptocurrencies, however, are not on Gensler's regulatory agenda.

As one of five commissioners, Uyeda's word carries weight. However, he made it clear that this is his personal opinion and does not represent the opinion of the entire SEC.