The U.S. Securities and Exchange Commission (SEC), led by acting chair Mark Uyeda, has decided to review or revoke a number of previously published statements and recommendations regarding crypto assets. Uyeda announced that this will specifically pertain to the method of classifying crypto assets as securities, known as the Howey test.
This is reported by Finway
In his statement, Uyeda noted that a key reason for these changes was the implementation of an executive order by U.S. President Donald Trump, which calls for deregulation through Executive Order 14192, as well as recommendations from the Department of Government Efficiency (DOGE). He urged commission staff to urgently review statements related to cryptocurrencies.
“According to Executive Order 14192, I have asked the staff of the Securities and Exchange Commission to urgently review the following statements,” Uyeda noted.
Among the documents that may be reviewed are:
- A letter regarding the disclosure of potential risks, published in December 2022 following the collapse of the FTX exchange;
- A public warning about the risks of investing in mutual funds that invest in Bitcoin futures ETFs, issued in May 2021;
- A statement on significant risks of investing in crypto assets, published in February 2021;
- A request for public comments following the decision by the state of Wyoming to allow public trust companies to act as cryptocurrency custodians.
It is worth noting that Donald Trump had promised to deregulate the cryptocurrency sector even before the elections by revoking or reviewing ineffective directives. After his victory, the stance of the Commission significantly changed: the regulator dropped several lawsuits and created a working group on crypto assets.