PANews reported on April 6 that according to The Block, Mark T. Uyeda, acting chairman of the U.S. Securities and Exchange Commission (SEC), instructed the agency's staff on Saturday to review several previously issued staff statements on cryptocurrency investment and the applicable laws for digital asset securities. This instruction was issued in accordance with Executive Order 14192 (entitled "Promoting Prosperity through Deregulation") and responded to the recommendations of the Department of Government Efficiency (DOGE). Uyeda said that these statements will be reviewed to determine whether they need to be "modified or revoked" to meet the current priorities of the SEC.
Specific statements reviewed include: the 2019 guidance on whether digital assets constitute securities, which involves how to assess whether digital assets are securities through the "Howey Test"; the 2021 statement on Bitcoin futures, which advises investors to be particularly cautious when investing in mutual funds involved in the Bitcoin futures market, emphasizing the speculative nature, market manipulation risks, liquidity constraints and volatility of this market, especially in mutual funds; the 2022 guidance on the aftermath of cryptocurrency bankruptcy events, which requires crypto companies to transparently disclose the risks associated with the crypto market, emphasizing the impact on investors, including custody risks, liquidity issues, reputational damage and regulatory scrutiny.
Uyeda also directed a review of a risk alert issued in February 2021 warning investors of the “unique risks” of digital asset trading, as well as a 2020 announcement that Wyoming would allow state-chartered trust companies to custody digital assets.
