SEC Commissioner Says Most Crypto Assets Are Not Securities, Supports Issuing Clear Guidance

"The majority of crypto assets currently on the market are not securities," Securities Exchange Commission (SEC) Commissioner Hester Peirce said on SEC Speaks. "While many crypto assets are currently outside of traditional financial marekts, the development of crypto assets is accelerating as traditional intermediaries are gradually getting involved," she added. She criticized past SEC practices on crypto regulation, "where the Commission's approach to crypto assets in recent years has eschewed sound regulatory practices" and "failed to provide useful guidance". "The Commission has now begun to work on providing clear guidance," she stressed. For example, "staff recently clarified that it does not consider certain Meme and stablecoins to be securities" "because they do not confer economic rights to commercial entities or other committed parties." She supports further guidance to clarify which activities are not covered by securities laws.