SEC Commissioner Advocates for Dedicated S-1 Registry for Digital Asset Securities

In a recent statement at Korea Blockchain Week 2024, Mark T. Uyeda, a Commissioner of the U.S. Securities and Exchange Commission (SEC), proposed the creation of a specialized S-1 registry specifically for digital asset securities. Uyeda emphasized that the SEC can adapt registration requirements for distinct financial products, and this flexibility should be applied to cryptocurrencies and digital asset securities.Uyeda highlighted the importance of not imposing irrelevant or unattainable disclosure requirements on issuers of digital asset securities, suggesting that the SEC should avoid creating unnecessary challenges for these issuers. Additionally, he called for clarity on which digital assets qualify as securities, urging the SEC to consider global practices in future regulatory frameworks.Despite Uyeda's proposals, SEC Chairman Gary Gensler's current regulatory agenda does not include digital assets, leaving the future of such initiatives uncertain.