According to ChainCatcher, Jim Moloney, head of the Division of Corporate Finance at the U.S. Securities and Exchange Commission (SEC), stated that the SEC is working to expedite the development of regulatory rules. The division will prioritize crypto-asset reform and is preparing to submit two key recommendations to the SEC regarding crypto-asset: first, to provide interpretive guidance, offering a clear classification of crypto-asset and describing a framework for determining when crypto-asset are subject to investment contracts; and second, to propose a reasonable regulatory structure for the issuance and sale of crypto-asset securities subject to investment contracts.
In addition, the department will continue to provide market clarity through statements and letters of inaction. Jim Moloney also mentioned that other work the SEC is pursuing includes: implementing the Accountability for Foreign Insiders Act (HFIAA); creating a semi-annual reporting option instead of quarterly reports; and reducing the regulatory burden under Regulation SK, including executive compensation disclosure.
