The Digital Chamber of Commerce’s Token Alliance has introduced an extensive policy agenda aimed at revamping the SEC’s regulatory approach to digital assets. At a meeting with SEC Commissioners Hester Peirce and Mark Uyeda, the Token Alliance outlined a Day 1 agenda that includes rescinding the 2019 Framework for “Investment Contract” Analysis of Digital Assets and denouncing the 2018 Hinman Speech, which has caused confusion and market distortion. The Chamber also called for the issuance of no-action letters and commission statements to clarify key areas in digital asset regulation.
The Day 1 agenda also includes beginning rulemaking on a Token Safe Harbor Proposal to establish clear rules for token sales and decentralized networks, as well as setting the tone for leadership with public statements from the Interim Chair and incoming Chair Paul Atkins. Additionally, some of the agendas for the first 30 days include issuing provisional rules for broker-dealers to trade and custody digital assets, establishing no-action relief for broker-dealer operations using blockchain for payments, and initiating enforcement reform to focus on actual fraud cases.
In the first 30-90 days, the Digital Chamber’s timeline for the SEC includes finalizing the definition of when digital assets implicate securities laws, proposing Token Safe Harbor rules for decentralized network recognition, establishing specific disclosure standards for digital assets, providing a registration path for digital asset-related businesses, and approving additional spot ETF applications for assets like SOL, XRP, and BITW. The Chamber also aims to revisit requirements for national securities exchanges to list digital asset ETFs to align them with global standards.
Overall, the Token Alliance’s policy agenda seeks to bring clarity and foster innovation in the cryptocurrency sector by proposing immediate and sweeping changes to reset the SEC’s relationship with digital assets. With a focus on rescinding outdated frameworks, denouncing confusing speeches, clarifying key areas through no-action letters, and establishing clear rules and pathways for decentralized networks, the Chamber aims to provide a more transparent and supportive regulatory environment for the growing digital asset market. By setting specific agendas for the first 90 days of the new administration and focusing on key areas for reform and improvement, the Digital Chamber of Commerce’s Token Alliance hopes to shape a more favorable regulatory landscape for the cryptocurrency sector.
