Former SEC Official John Reed Stark Opposes Regulatory Reform at Crypto Roundtable

On March 22nd - During the first cryptocurrency industry roundtable organized by the U.S. Securities and Exchange Commission (SEC), John Reed Stark, the former director of the SEC Cyber Enforcement Office, firmly opposed amending existing securities regulations for digital assets. He asserted that the 1933 and 1934 securities laws do not need to make any concessions for cryptocurrencies, and digital assets should still be regarded as securities. "Those who purchase cryptocurrencies are not collectors; they are investors. The SEC's obligation is to protect investors," Stark said. He pointed out that crypto companies have engaged top global law firms in an attempt to delay enforcement processes, but they have lost in almost all cases. Stark also claimed that, compared to past technological revolutions such as the iPhone, he has not witnessed any genuine innovation in digital assets. Stark has long been a staunch critic of the crypto industry and once described the partnership between the NBA team Dallas Mavericks and the crypto company Voyager as "collaborating with a heroin manufacturer." He advocates for former SEC Chair Gensler's "enforcement-first regulation" and insists that the crypto industry must abide by existing laws rather than expecting the law to make way for it.