During a House Committee hearing on April 9, special counsel Rodrigo Seira from Cooley LLP highlighted significant challenges faced by crypto projects attempting to register with the SEC. He stated that the existing U.S. securities regulations are ill-suited for digital assets, as evidenced by the failures of numerous crypto companies to comply successfully. Seira pointed out that while federal securities laws should apply to crypto promoters, no project has managed to navigate the registration process without facing severe repercussions. Representative Bryan Steil acknowledged the regulatory hurdles established by previous administrations and emphasized the need for sensible legislation to create a clear regulatory framework for digital assets. Recent efforts include regulations for stablecoins, working towards a comprehensive digital asset market structure bill by the end of the year, aimed at defining legal categories for digital assets and delineating jurisdiction among regulatory bodies like the SEC and Commodity Futures Trading Commission.

Source 🔗