Source: Blockchain Knight

On February 21, Michael Saylor, Executive Chairman of the Crypto Task Force and Strategy of the U.S. Securities and Exchange Commission (SEC), and Michael Saylor, Crypto Asset Innovation Council, the Executive Chairman of the Crypto Task Force and Strategy. (CCI) and representatives from MIT Research Corporation (MITRE) in the United States met to discuss the best ways to regulate Crypto assets in the United States.

According to the memorandum shared by the SEC, task force staff reviewed a framework document that defined the Crypto taxonomy and regulatory structure during the meeting.

This document classifies digital goods, including BTC, digital securities linked to the issuer, digital currencies supported by fiat currency, digital tokens with clear purpose, non-exclusive digital applications Homogeneous tokens (NFTs), and digital asset-backed (ABT) assets linked to physical goods.

The document clarifies the rights and responsibilities of issuers, exchanges and asset owners by calling for fair disclosure, transparent custody practices and compliance with local laws. The framework also proposes standardized disclosure, industry-led compliance processes, and asset issuance and maintenance cost restrictions.

In addition, Sailer's speech highlighted the potential for faster asset issuance, lower costs, wider market access, and possible transformations in capital markets that could strengthen the US dollar through strategic measures such as BTC reserves. And reduce government debt.

CCI representatives suggest clarifying the regulatory handling methods of pledge services, passive blockchain data platforms and incentive-based rewards.

The conference included 20 representatives from several Crypto companies including Coinbase, a16z and Filecoin Foundation.

They recommend that you issue notices of guidance or non-action relief to confirm that the genuine pledge services and related infrastructure providers are not governed by securities laws. This change may allow Crypto Exchange Trading Products (ETPs) to include pledge activities in their filings.

CCI also recommends that when the platform only provides access or data display capabilities, these platforms that provide blockchain exploration tools and non-hosted Web3 markets should be excluded from brokers, exchanges or alternative trading systems. Outside definition.

The proposal also calls for guidance to define non-security status for NFTs, which are primarily used as works of art, collectibles, virtual land or similar non-financial applications.

Other recommendations include issuing non-action letters, suspending compliance-only enforcement actions, and modifying rulemaking processes to consider decentralized and on-chain transactions. These measures are designed to balance investor protection with support for industrial innovation.

The Council urges the SEC to draw on previous decision-making and industry momentum to enhance regulatory clarity and investor protection in the United States.

MITRE introduces itsFocus on research and development activities focusing on the Crypto market and its regulatory impact.

As a federal R&D center funded by the U.S. Treasury Department, the company outlines its work on its logic-based stablecoin regulatory approach, develops workflow tools that support comment processing, and uses a visual system to determine regulatory dependencies. sex.

MITRE also details its digital asset threat sharing platform and the cyberthreat framework in the Crypto field.

The research results discussed at the meeting reveal the hidden centralization problem in decentralized finance (DeFi), emphasize the need for bank stress testing in the scenario of combining DeFi and traditional finance, and recommend the smart contract Circuit breakers are implemented at the level to mitigate the spread of risks.

MITRE's technical work aims to support SEC's rulemaking by providing data-driven insights and innovative tools to build a regulatory framework that can address the changing challenges in the digital asset ecosystem.

The meeting ended with a comprehensive review of proposals and research, aiming to establish a regulatory framework that supports innovation and ensures market integrity.