At the first SEC crypto roundtable held on March 21, John Reed Stark, former director of the Office of Internet Enforcement at the SEC, opposed regulatory reform for digital assets. Stark argued that the existing Securities Act of 1933 and 1934 should remain unchanged and asserted that digital assets do not escape the classification of securities under current laws. Stark emphasized that cryptocurrency investors are not mere collectors but are seeking to protect their interests. He criticized the rapid development of case law due to the actions of crypto firms, which he claimed often engaged in delay tactics. Despite their efforts and hiring skilled legal representation, Stark noted that these firms lost many cases. He also dismissed the notion of innovation in digital assets, comparing them unfavorably to previous technological advancements such as the iPhone. Stark has a history of criticizing the crypto industry for its lack of transparency and has been vocal about the need for existing laws to govern the field effectively, rejecting the idea of evolving the law to suit cryptocurrency's future potential.

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