Joshua Riezman, GSR’s chief legal and strategy officer, said on X that the SEC’s latest proposed crypto-asset framework may not deliver the effect many market participants expect. He argued that, without changes to U.S. law, the SEC remains limited in the exemptions it can grant under existing securities law. Riezman added that clearer rules would be positive for the industry, but said the market structure targeted by the proposal differs materially from the last crypto cycle. He said the industry still needs to understand where the new framework would ultimately lead the U.S. crypto market.
Riezman says the proposal may not deliver what the market expects
Joshua Riezman, GSR’s chief legal and strategy officer, said on X that the SEC’s latest proposed framework for crypto assets may not produce the effect many market participants believe it will.
He said that without changes to U.S. law, the SEC is still limited in the exemptions it can offer under existing securities law.
Existing law remains the key constraint
Riezman said clearer rules would be positive for the crypto industry. He also said the market structure targeted by the proposal is materially different from the last crypto cycle.
He added that the industry still needs to better understand what shape the new framework will ultimately give the U.S. crypto market.
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