YEREVAN (CoinChapter.com) — The SEC Crypto Task Force met with Michael Saylor, the Crypto Council for Innovation (CCI), and MITRE Corporation on February 21 to discuss crypto regulations in the U.S. The meeting focused on defining a crypto taxonomy, reviewing staking regulations, and exploring Bitcoin reserve proposals. The discussions aimed at establishing a regulatory framework for digital assets, covering issues related to issuance, compliance costs, and transparency.
Michael Saylor and CCI Join SEC Crypto Task Force for High-Level Regulatory Talks. Source: Eleanor TerrettSaylor Pushes for Crypto Taxonomy in U.S. Regulations
Michael Saylor, chairman of Strategy, introduced a crypto taxonomy to classify digital assets under U.S. regulations. His document, “Digital Assets Framework, Principles, and Opportunity for the United States,” outlines six categories of crypto assets, separating digital commodities like Bitcoin, digital securities linked to issuers, fiat-backed digital currencies, utility tokens, non-fungible tokens (NFTs), and asset-backed tokens (ABTs) tied to physical commodities.
SEC Crypto Task Force Meeting Memorandum Confirms Michael Saylor’s Discussion on Digital Asset Regulations. Source: Crypto Task Force StaffThe proposal also sets clear responsibilities for issuers, exchanges, and asset owners, calling for fair disclosure, custody transparency, and adherence to local regulations. The framework suggests limiting issuance costs to 1% of an asset’s total value and annual compliance expenses to 0.1%. The proposal seeks to ensure market clarity while maintaining cost efficiency for crypto issuers under SEC regulations.
Michael Saylor’s Bitcoin Reserve Proposal to the SEC
Saylor advocated for a Bitcoin reserve as part of the U.S. financial system. His proposal suggests that holding Bitcoin could benefit the U.S. economy by strengthening the U.S. dollar and expanding capital market access. The document estimates that a Bitcoin reserve could generate between $16 million and $81 million in revenue for the U.S. Treasury.
VanEck’s Matthew Sigel also addressed the potential impact of Bitcoin on the U.S. economy, suggesting that if Bitcoin appreciates by 25% annually, it could offset 18% of projected U.S. debt by 2049. His projections assume national debt rising from $36 trillion to $116 trillion over the same period.
VanEck Research Highlights U.S. Bitcoin Reserve Potential to Offset National Debt. Source: Matthew SigelSEC Crypto Regulations and Staking Guidelines
The Crypto Council for Innovation (CCI) pushed for SEC clarity on staking regulations. The discussion included representatives from Coinbase, a16z, and Filecoin Foundation. They requested guidance or no-action relief to confirm that staking services should not be classified as securities under SEC regulations. If accepted, this could allow crypto exchange-traded products (ETPs) to incorporate staking rewards into their filings.
CCI also suggested that non-custodial Web3 platforms and blockchain data providers should not fall under broker or exchange classifications if they provide data display functions without direct involvement in crypto transactions. The council further requested that NFTs used for digital art, collectibles, or virtual land be considered non-securities under SEC crypto regulations.
MITRE’s Research on Stablecoins and DeFi Risks
MITRE Corporation, which works with the U.S. Treasury, presented research on stablecoins, decentralized finance (DeFi) risks, and crypto regulations. Their findings highlighted hidden centralization risks in DeFi platforms and called for stress testing banks to assess risks in scenarios where DeFi and traditional finance overlap.
MITRE recommended circuit breakers at the smart contract level to mitigate risks from high volatility in crypto markets. The organization also introduced policy visualization tools to help regulators track compliance dependencies within the digital asset ecosystem.
SEC Crypto Task Force Reviews Industry Proposals
The SEC Crypto Task Force, formed on Jan. 21, is working on a regulatory framework for digital assets. The task force reviewed Saylor’s taxonomy, CCI’s staking recommendations, and MITRE’s risk analysis. Above all, the goal is to balance market integrity with regulatory clarity while addressing crypto industry concerns. Certainly, further discussions between the SEC and industry leaders are expected as the regulatory process continues.
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