John Reid Stark, former director of the Internet Enforcement Office at the United States Securities and Exchange Commission (SEC), first pushed back against the idea of regulatory reforms in the SEC Crypto Roundteable.
The former regulator stated that the Securities Act of 1933 and 1934 should not be replaced to accommodate digital assets and urged that digital property does not survive the definition of securities under current laws.
The first time the crupto roundtable. Source: Second
“People who buy Crypto are not collectors. We all know they are investors, and SEC’s mission is to protect investors,” Stark said. The former officer said:
“The amount of case law has developed so quickly due to all these crypto firms. They went to such delays, delays, thoughts, and they hired the world’s best law firms, and these law firms fought everyone with incredible briefs.”
“I have read each of them. And they just lost about, I will argue, every once,” they continued.
Stark concluded that he saw no innovation in digital assets or cryptocurrency compared to previous online revolutions, such as the introduction of the iPhone.
John Reid Stark depicted far and wide, arguing against comprehensive regulatory reforms. Source: Second
Connected: SEC’s deadline expansion is a ‘fork’ in the case against Coinbase – John Reed Stark
John Reid Stark: One of Crypto’s hardcore critics
Stark has been one of the most vocal opponents in the cryptocurrency and digital asset industry, often criticizing the industry for transparency and lack of accountability.
In February 2024, the former SEC officer stated the specialty of a sponsorship deal between Dallas Maverix – A National Basketball Association (NBA) team – and a “heroin manufacturing firm” between a National Basketball Association (NBA) team – and Crypto firm Vyzer.
Stark later stated that the regulation of the government agency was warned by the enforcement under the former president Gary Gensler and said that cryptocurrency should be in line with the current laws, rather than developing to embrace the future of money.
Stark’s anti-crypto trend has been criticized by industry officials and investors. In June 2023, remarkable investor Mark Cuban called Reid’s ideas “Crypto Derange Syndrome”.
magazine: SEC’s U-turn on Crypto leaves important questions
