Crypto lobby group says SEC should back off regulating most DAOs
Crypto lobby group the DeFi Education Fund and the Uniswap Foundation have said the Securities and Exchange Commission should be hands-off on regulating decentralized autonomous organizations (DAOs).
The May 27 letter to SEC Crypto Task Force lead Hester Peirce argued that the agency should not treat DAOs under the purview of the securities-defining Howey test if they’re “sufficiently decentralized,” as they are not identifiable and are not a coordinated group.
Instead, the pair said DAOs should be treated as individuals or a group of persons unless proved otherwise.
“If a DAO has a dispersed collection of tokenholders who have the opportunity to actively participate in and govern the DAO and the network, it is sufficiently decentralized such that neither the network token for that DAO, nor transactions in which that network token are the object, should be considered a security.” the letter read.
The letter was issued in response to Peirce’s Feb. 21 statement, which invited comments on crypto.
Favorable regulatory environment
The SEC has flipped on its crypto enforcement actions under the Trump administration, which successfully installed the former crypto lobbyist Paul Atkins to lead the agency.
Atkins has stated that blockchain technology could usher in new forms of market activity.
Related: Crypto vulnerable if CFTC not given authority, says ex-chair Behnam
The following week, Atkins said that the regulator would not stifle innovation and lambasted the Biden administration’s approach to crypto.
In a May 20 SEC oversight hearing, Atkins confirmed that the Crypto Task Force’s first report will be released in the next few months, the group is also holding a series of crypto-related roundtable discussions with industry players.
Magazine: Move to Portugal to become a crypto digital nomad — Everybody else is
Czech Justice Minister Pavel Blazek resigned following backlash over his ministry’s sale of Bitcoin donated by a convicted criminal.
French prosecutors charged 25 people over a wave of crypto-related kidnappings. However, the masterminds remain at large.
Nigel Farage has successfully exploited the Commons recess to “grab the mic” and “dominate” the agenda, Harriet Harman has said.
Speaking on Sky News’ Electoral Dysfunction podcast, the Labour peer said that the Reform UK leader has been able to “get his voice heard” while government was not in “full swing”.
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Mr Farage used a speech this week to set himself, rather than Kemi Badenoch’s Tories, up as the main opposition to Sir Keir Starmer at the next election.
The prime minister responded on Thursday with a speech attacking the Clacton MP.
Baroness Harman said: “It’s slightly different between opposition and government because in government, the ministers have to be there the whole time.
“They’ve got to be putting legislation through and they kind of hold the mic.
“They can dominate the news media with the announcements they’re making and with the bills they’re introducing, and it’s quite hard for the opposition to get a hearing whilst the government is in full swing.
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‘Big cuts’ to fund other Reform UK policies
“What we used to do when we were in opposition before 1997 is that as soon as there was a bank holiday and the House was not sitting, as soon as the half-term or the summer recess, we would be on an absolute war footing and dominate the airwaves because that was our opportunity.
“And I think that’s a bit of what Farage has done this week,” Harman added.
“Basically, Farage can dominate the media agenda.”
She went on: “He’s kind of stepped forward, and he’s using this moment of the House not sitting in order to actually get his voice heard.
“It’s sensible for the opposition to take the opportunity of when the House is not sitting to kind of grab the mic and that is what Nigel Farage has done.”
But Baroness Harman said it “doesn’t seem to be what Kemi Badenoch’s doing”.
She explained that the embattled leader “doesn’t seem to be grabbing the mic like Nigel Farage has” during recess, and added that “there’s greater opportunity for the opposition”.
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