John Reed Stark, former director of the Office of Internet Enforcement in the United States of Securities and Stock Exchange Commission (SEC), pushed the idea of regulatory reform on the first round table Sec Crypto.
The former regulatory authority said that the Act on securities of 1933 and 1934 should not be changed to take into account digital assets and called so that digital assets do not avoid the definition of securities on the basis of current provisions.
The first round cryptographic table in history. Source: Sec
“People buying crypto are not collectors. We all know that they are investors, and the SEC mission is to protect investors,” said Stark. The former official added:
“The volume of case law developed so quickly because of all these cryptographic companies. They took this kind of delay, delay, delay, idea, and employed the best law firms in the world, and all legal companies fought with SEC with amazing briefs.”
“I read each of them. And they lost almost, I would argue every time,” he continued.
Stark came to the conclusion that he did not see the innovation in the field of digital assets or cryptocurrencies compared to previous online revolutions, such as the debut of the iPhone.
John Reed Stark, in the photo on the right, arguing against a comprehensive regulatory reform. Source: Sec
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John Reed Stark: One of the worst cryptographic critics
Stark was one of the most thunderous opponents of cryptocurrencies and the digital asset industry, often criticizing the industry due to lack of transparency and responsibility.
In February 2024, the former SEC official characterized a sponsorship agreement between Dallas Mavericks – the National Basketball Association (NBA) and Crypto Voyager as an agreement with the “heroin production company”.
Later, Stark said that the government agency ordinance by enforcing the law under the former chairman Gary Gensler was justified and added that cryptocurrency must be in line with existing regulations, and not with an evolving law to accept the future of money.
Stark’s anti -expert attitude was criticized by directors of industry and investors as unwavering. In June 2023, the well -known investor Mark Cuban called on Reed’s views as a “cryptographic ensemble.”
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