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SEC Commissioner Calls for Creation of Specialized S-1 Regedit for Digital Asset Securities

U.S. SEC Commissioner Mark T Uyeda said at the Korea Blockchain Week 2024 event that the SEC needs to create a dedicated S-1 regedit for digital asset securities. Uyeda pointed out that the SEC has the flexibility to customize registration requirements for specific financial products, and this practice should extend to cryptocurrencies and digital asset securities. He stressed that the SEC should not create a "dilemma" in which issuers of digital asset securities are required to provide disclosures that are irrelevant or cannot be provided. Uyeda also said that the SEC should clarify which digital assets fall under the category of securities and consider practices from other jurisdictions around the world in future rulemaking. Despite this, digital assets are not currently on the regulatory agenda of SEC Chairperson Gary Gensler. (The Block)