Michael Saylor And Crypto Leaders Meet With SEC to Push for Major Regulatory Changes

In a latest update, Fox Business Journalist Eleanor Terrett shared that Michael Saylor met with the SEC Crypto Task Force on Friday. Besides, members of the Crypto Council for Innovation, including Coinbase, OpenSea and Robinhood also recenty met with the SEC’s new crypto task force, pushing for changes in crypto regulation.

Efforts Towards Crypto Regulation

Around 20 members met with the SEC’s crypto task force on Friday, as noted on the SEC’s site. Saylor also met with the task force on Friday to share his priorities for crypto regulation. Robinhood met with the crypto task force earlier, on Feb. 19.

“While Congress continues to pursue much needed legislation, the Commission has—and has had since 1996—the authority now to establish at least a basic, provisional regulatory regime for digital assets,” said Dan Gallagher, Robinhood’s chief legal, compliance and corporate affairs officer in the memo.

Notably, the SEC could focus on rulemaking for registration, antifraud protections, and custody among others, Gallagher said. This meeting signifies a collaborative effort between regulatory bodies and industry leaders to bring clarity and structure to the rapidly evolving cryptocurrency landscape.

Key Issues Discussed

CCI members discussed key issues with the SEC task force, including when cryptocurrencies might be considered securities and confirming that 1:1 dollar stablecoins are not securities. During his meeting with the SEC, Saylor emphasized the need for a clear taxonomy and a solid regulatory framework for the industry.

In recent weeks, the SEC has been making moves to reassess its approach to crypto regulation. It has also started dropping cases from the previous administration. Last week, Coinbase announced the SEC would drop its case against them. Investigations into OpenSea were also dropped, and on Monday, Robinhood revealed the SEC had ended its investigation.