John Reed Stark, former director of the Internet Control Office in the United States Stock Exchange and Securities Commission (SEC), responded against the idea of ​​regulatory reform at the first round table of the Crypto SEC.
The old regulator said that the Values ​​Law of 1933 and 1934 should not be changed to accommodate digital assets and urged digital assets not to escape the definition of values ​​under current laws.
The first cryptographic round table of SC. Fountain: SECOND
“People who buy cryptography are not collectors. We all know they are investors, and the SEC mission is to protect investors,” Stark said. The former official added:
“The volume of jurisprudence has developed so fast due to all these cryptographic firms. They were for this type of delay, delay, delay, idea and hired the best law firms in the world, and all these law firms fought against the SEC with incredible reports.”
“I have read each of them. And they lost almost, I would argue, every time,” he continued.
Stark concluded that he did not see innovation in digital assets or cryptocurrencies compared to previous online revolutions, such as the iPhone debut.
John Reed Stark, in the photo of the extreme right, arguing against the comprehensive regulatory reform. Fountain: SECOND
Related: The extension of the SEC’s deadline is a ‘bifurcation’ in the case of Coinbase – John Reed Stark
John Reed Stark: one of Crypto’s firmer critics
Stark has been one of the most vocal opponents of cryptocurrencies and the digital asset industry, often criticizing the industry for lack of transparency and responsibility.
In February 2024, the former SEC official characterized a sponsorship agreement between the Dallas Mavericks, a team from the National Basketball Association (NBA), and the Voyager cryptographic firm as an agreement with a “heroin -made company.”
Later, Stark said that the regulation of the government agency by the application under former President Gary Gensler was justified and added that cryptocurrency must adjust to existing laws instead of the law that evolves to adopt the future of money.
Stark’s anticrycrypto posture has been criticized by industry executives and investors as deranged. In June 2023, the remarkable investor Mark Cuban shouted Reed’s opinions as “cryptographic disorder syndrome.”
Magazine: The change of direction of the SEC in Crypto leaves key questions without response
