John Reed Stark, the Internet executive director of the US Securities and Exchange Commission (SEC), opposed the idea of regulatory reform at the first SEC encryption roundtable.
The former regulatory authorities said that the Securities Act in 1933 and 1934 should not be changed to accept digital assets, and urged that digital assets will not avoid the definition of securities under the current law.
First SEC encryption roundtable meeting. source: secretary
Stark said, “People who buy encryption are not collectors, and we all know that they are investors, and the mission of the SEC is to protect investors.
“Because of all these encryption companies, the amount of case law has developed so quickly. They hired this kind of delay, delay, delay, ideas, the world’s best legal companies, and all of them fought with the SEC with amazing briefs.”
“I read all of them, and they were lost every time,” he continued.
Stark concluded that he did not see the innovation of digital assets or cryptocurrency compared to the previous online revolution, such as the iPhone debut.
John Reed Stark took a photo on the right side of the comprehensive regulatory reform. source: secretary
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John Reed Stark: One of the most powerful critics of encryption
STARK was one of the most vocal opponents of the cryptocurrency and the digital asset industry, and often criticized the industry due to lack of transparency and responsibility.
In February 2024, a former SEC official featured a sponsorship transaction between the encryption company Voyager with a contract with the Dallas Mavericks (NBA) team and “Heroin manufacturer”.
Stark later added that government agencies were guaranteed by the execution of former chairman Gary Gensler, and Cryptocurrency must comply with existing laws rather than evolving laws that evolve to accept the future of money.
STARK’s anti -vein attitude was criticized for lack of hinges by industry executives and investors. In June 2023, Mark Cuban, a notable investor, called Lead’s view as “encryption derailment syndrome.”
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