• SEC’s Mark Uyeda calls for tailored S-1 registration for digital asset securities.

• Uyeda criticizes the lack of progress in accommodating digital asset sponsors.

• Ripple and Coinbase urge the SEC to provide more regulatory clarity on digital assets.

At the Korea Blockchain Week 2024 event, SEC commissioner Mark T. Uyeda emphasized the need for the agency to create a specialized S-1 registration form for digital asset securities. He urged the SEC to develop more suitable registration requirements for these assets.

Currently, U.S. digital asset issuers must complete a standard S-1 registration form before offering new securities products. This form requires detailed financial disclosures, such as income and cash flow statements, which may not be relevant for all digital assets.

Uyeda pointed out that the agency has successfully collaborated with product sponsors in the past to create customized registration requirements, like the registered index-linked annual incomes. He believes a similar approach should be adopted for digital asset securities. Uyeda noted:

“We have the flexibility to do that, and that was in part, expressing my frustration in that …

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