Former SEC official John Reed Stark opposes regulatory reform at the crypto roundtable

ChainCatcher news, at the first cryptocurrency industry roundtable held by the U.S. Securities and Exchange Commission (SEC), former SEC Cyber Enforcement Office Director John Reed Stark strongly opposed modifying existing securities regulations for digital assets. He stated that the Securities Act of 1933 and 1934 should not make concessions for cryptocurrencies, and digital assets should continue to be regarded as securities.

"People who buy cryptocurrencies are not collectors; they are investors. The SEC's duty is to protect investors," Stark said. He pointed out that crypto companies hire top law firms globally to try to delay enforcement actions, but they have lost in almost all cases. Stark also claimed that, compared to past technological revolutions like the iPhone, he has not seen any real innovation in digital assets.

For a long time, Stark has been a staunch critic of the cryptocurrency industry, previously describing the partnership between the NBA team Dallas Mavericks and the crypto company Voyager as "collaborating with heroin manufacturers." He supports former SEC Chairman Gensler's "enforcement-based regulation" and insists that the crypto industry must comply with existing laws rather than asking the law to make way for it.