The SEC should create a version of the S-1 form for registering securities that's tailored to digital assets, said SEC commissioner Mark Uyeda.
Uyeda has been one of the few supporters of the crypto industry in the agency, in stark contrast to SEC Chair Gary Gensler.
SEOUL — The U.S. Securities and Exchange Commission (SEC) should create a special version of the S-1 form for digital assets, SEC commissioner Mark Uyeda said at the Korea Blockchain Week in Seoul, South Korea.
The agency's current form, the primary application companies must fill out to register securities in the U.S., does not do justice to digital assets and other unusual financial products, Uyeda said. The regulator has not done enough for digital asset products looking to register in the country, he said.
Uyeda has been one of the few supporters of crypto in the agency, in stark contrast to SEC Chair Gary Gensler who has been a vocal opponent of the industry.
Uyeda noted that the regulator can work with crypto companies to figure out what parts should be added or removed from the present version.