The US Securities and Exchange Commission has released the list of executives from US crypto and finance giants that will take part in a roundtable discussion on crypto trading regulation.
On April 7, the regulator said its upcoming April 11 roundtable will discuss how it should handle crypto trading rules, calling it “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”
It will be the second in a series of discussions on crypto, headed by its recently-formed Crypto Task Force.
Taking part are Uniswap Labs chief legal officer Katherine Minarik, Cumberland DRW associate general counsel Chelsea Pizzola and Coinbase institutional product vice president Gregory Tusar — all firms that had once been in the regulator’s scope.
Under the Biden administration, the regulator sued Cumberland DRW in October and Coinbase in June 2023 for alleged securities law violations, but both lawsuits were dropped this year under the Trump administration.
The SEC also started an investigation for possible enforcement action into Uniswap Labs in April 2024, which was dropped in February with no further action.
Also taking part in the roundtable are New York Stock Exchange product chief Jon Herrick, crypto brokerage FalconX business lead Austin Reid, securities tokenizing firm Texture Capital CEO Richard Johnson and the University of California, Berkeley finance chair Christine Parlour.
Dave Lauer, co-founder of the advocacy group We the Investors and Tyler Gellasch, CEO of the not-for-profit Healthy Markets Association, will also take part, while law firm Goodwin Procter partner Nicholas Losurdo will moderate the discussion.
Representing the SEC will be acting chair Mark Uyeda, Crypto Task Force chief of staff Richard Gabbert and Commissioners Caroline Crenshaw and Hester Peirce.
The roundtable is the second crypto-focused discussion in a series of five that the SEC dubbed the “Spring Sprint Toward Crypto Clarity.” The first was on March 21, regarding the legal status of crypto, while three future discussions will cover custody, tokenization, and decentralized finance (DeFi).
SEC’s Uyeda orders review of staff crypto comments
The roundtables come as the SEC, under President Donald Trump, works to revamp its oversight of the crypto industry, with its latest action being to review staff statements on crypto so they can possibly be changed or withdrawn.
Uyeda said in an April 5 statement shared by the SEC on X that due to Trump’s executive order on deregulation and recommendations from the Elon Musk-led Department of Government Efficiency, or DOGE, he was reviewing seven staff statements, five of which concerned crypto.
“The purpose of this review is to identify staff statements that should be modified or rescinded consistent with current agency priorities,” Uyeda said.
The first on the list was an April 2019 analysis from the Strategic Hub for Innovation and Financial Technology on how crypto sales could be investment contracts under the securities defining Howey test — an argument the agency had made to sue multiple crypto firms for legal violations.
Also up for review are two Division of Investment Management statements, one from May 2021 asking investors to consider the risks of funds with exposure to Bitcoin futures and a November 2020 statement asking for feedback on whether state-chartered banks meet standards to be qualified custodians.
The SEC will also look into a December 2022 Division of Corporation Finance statement that urged SEC-regulated companies to evaluate their disclosures to mention if a slew of crypto firm bankruptcies and collapses at the time impacted their business.
Finally, the agency will review a Division of Examinations alert from February 2021 that said, “a number of activities related to the offer, sale and trading of digital assets that are securities present unique risks to investors.”
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The UK must rebuild its military and get the whole country ready for war as the threat of conflict with a nuclear power like Russia or China is real, a major defence review warns.
It described what might happen should a hostile state start a fight, saying this could include missile strikes against military sites and power stations across the UK, sabotage of railway lines and other critical infrastructure and attacks on the armed forces.
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PM challenged on NATO, defence and Gaza
In a devastating verdict on the state of Britain’s defences, the Strategic Defence Review (SDR) said today’s armed forces are “not currently optimised for warfare”, with inadequate stockpiles of weapons, poor recruitment and crumbling morale.
“The international chessboard has been tipped over,” a team of three experts that led the review wrote in a foreword to their 140-page document.
“In a world where the impossible today is becoming the inevitable tomorrow, there can be no complacency about defending our country.”
Image: British soldiers from the 16 Air Assault Brigade training in North Macedonia. Pic: AP
Sir Keir Starmer, who commissioned the review, described a “new era” of threat that required a “new era for defence and security”.
“Every part of society, every citizen of this country, has a role to play because we have to recognise that things have changed,” the prime minister said.
The review made a list of more than 60 recommendations to enable the UK to “pivot to a new way of war”.
They include:
Increasing the size of the army by 3,000 soldiers to 76,000 troops in the next parliament. The review also aims to boost the “lethality” of the Army ten-fold, using drones and other technology.
A 20% expansion in volunteer reserve forces but only when funding permits and likely not until the 2030s.
Reviving a force of tens of thousands of veterans to fight in a crisis. The government used to run annual training for the so-called Strategic Reserve in the Cold War but that no longer happens.
Embracing new technologies such as artificial intelligence, robots and lasers. The paper said the UK must develop ways to defend against emerging threats such as biological weapons, warning of “pathogens and other weapons of mass destruction”.
The possibility of the UK buying warplanes that could carry American nuclear bombs to bolster the NATO alliance’s nuclear capabilities. The review said: “Defence should commence discussions with the United States and NATO on the potential benefits and feasibility of enhanced UK participation in NATO’s nuclear mission.”
The expansion of a cadet force of children by 30% and offering a “gap year” to people interested in sampling military life.
New investment in long-range weapons, submarines, munitions factories and cyber warfare capabilities.
General Sir Richard Barrons, part of the review team and a former senior military officer, described the vision as “the most profound change” to UK defences in 150 years.
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This includes only a brief mention of bolstering the UK’s ability to defend against cruise and ballistic missiles – a key weakness but one that would be very expensive to fix.
Earlier, Sir Keir said the review was a “blueprint to make Britain safer and stronger, a battle-ready armour-clad nation, with the strongest alliances and the most advanced capabilities, equipped for the decades to come”.
Defence Secretary John Healey, writing in a foreword to the document, said “up to” £1bn would be invested in “homeland air and missile defence” as well as the creation of a new cyber and electromagnetic warfare command.
The review was drawn up with the expectation that defence spending would rise to 2.5% of GDP this parliament – up from around 2.3% now – and then to 3% by 2034. The government has pledged to hit 2.5% by 2027 but is yet to make 3% a cast iron commitment.
The reviewers said their recommendations could be delivered in 10 years if that spending target is reached but they gave a strong signal that they would like this to happen much sooner.
“As we live in such turbulent times it may be necessary to go faster,” the team said.
“The plan we have put forward can be accelerated for either greater assurance or for mobilisation of defence in a crisis.”
The review described the threat posed by Russia as “immediate and pressing”.
It said China, by contrast, is a “sophisticated and persistent challenge”.
It pointed to Beijing’s growing missile capability that can reach the UK and said the Chinese military’s nuclear arsenal is expected to double to 1,000 nuclear warheads by 2030.
The other two reviewers were Lord George Robertson, a former Labour defence secretary, and Fiona Hill, a Russia expert and former foreign policy adviser to Donald Trump.
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The review team warned the post Cold War-era of relative peace has ended and a time of contest, tension and conflict has returned.
Adding to the pressure, the US – by far the most powerful member of the NATO alliance – is focusing more on the threat it sees from China.
“Changes in the strategic context mean that NATO allies may be drawn into war with – or be subject to coercion by – another nuclear armed state,” the review said.
“With the US clear that the security of Europe is no longer its primary international focus, the UK and European allies must step up their efforts”.
The review set out how defence is not only the responsibility of the armed forces because countries – not just the professional military – fight wars.
It said: “Everyone has a role to play and a national conversation on how we do it is required… As the old saying goes, ‘If you want peace, prepare for war’.”
Sky News and Tortoise will launch a new podcast series – The Wargame – on 10 June that simulates a Russian attack on the UK to test Britain’s defences, with former ministers and military chiefs playing the part of the British government.