As the U.S. prepares for a new administration under President-elect Donald Trump, the digital asset sector is actively pushing for significant changes in its relationship with the Securities and Exchange Commission (SEC).
The Digital Chamber of Commerce (TDC), in collaboration with its Token Alliance Leadership Committee, has outlined a detailed 90-day action plan aimed at addressing key concerns and fostering a more transparent and trusted regulatory environment for the cryptocurrency industry.
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TDC’s Action Plan: Immediate Reforms for a Clearer Crypto Regulatory Framework
The TDC’s proposed roadmap for the next three months starts with urgent reforms addressing the most pressing crypto space issues. A central focus is rescinding the SEC’s 2019 guidance on digital assets as “investment contracts.” This guidance has drawn significant criticism for confusing market participants and hindering the industry’s growth.
The plan also calls for the formal disavowal of the 2018 Hinman speech, which has been controversial due to its perceived favoritism toward certain digital assets over others. This speech led to significant uncertainty about which tokens fall under SEC jurisdiction, further complicating the regulatory landscape.
Additional proposals include suspending crypto-related enforcement actions, Wells notices, and litigation cases unless they involve fraud or investor harm. The TDC also suggests reviewing the Staff Accounting Bulletin (SAB) 121, which mandates that custodians hold crypto assets on their balance sheets.
The committee calls for a halt to proposed amendments to Rule 3b-16, which would classify decentralized finance (DeFi) protocols as “exchanges,” a move that could have broad and unintended consequences for the sector.
A New Era for Crypto Regulation
The push for reform reflects growing frustration with the SEC’s approach to crypto, which many argue has been marked by “regulation by enforcement.” With Paul Atkins, a known advocate for pro-crypto policies, nominated as SEC Chair, industry leaders are optimistic about the potential for a more balanced and constructive approach to digital asset regulation.
Atkins is expected to collaborate closely with SEC Commissioners Hester Peirce and Mark Uyeda, who have openly criticized the agency’s stance on digital assets.
The TDC has already held productive meetings with Commissioners Peirce and Uyeda staff members, suggesting that a more open dialogue between the SEC and the crypto community could be on the horizon. The proposal to halt aggressive enforcement actions and the call for bespoke rulemaking signals a shift toward a more industry-friendly regulatory environment.
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