Marisa
@mtcoppel
1/ Today, we submitted our response to SEC Commissioner Peirce's "There Must Be Some Way Out of Here" request for input on trading-related topics (focusing most of our response on questions 15-19 in the RFI). Here’s Peirce’s post from Feb: https://www.sec.gov/newsroom/speeches-statements/peirce-statement-rfi-022125
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Marisa
@mtcoppel
2/ At a high level, our letter advocates for a flexible and fit-for-purpose approach to regulating crypto asset trading. The Commission should recognize how blockchain technology enables new trading, clearing, settlement, and custody methods that promote greater efficiency and safety.
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Marisa
@mtcoppel
3/ We outline the key innovations in crypto trading that the SEC should consider when making key regulatory updates. For instance, the SEC should recognize the benefits of disintermediation, real-time settlement, and reduced costs.
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Marisa
@mtcoppel
4/ We describe the importance of side-by-side trading and also recommend the SEC provide guidance concerning best execution that focuses on "reasonable diligence", with enhanced transparency through disclosure requirements rather than prescriptive order-protection rules.
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Marisa
@mtcoppel
5/ The SEC should leverage blockchain's inherent transparency through open-source data and exchange APIs for regulatory surveillance, while avoiding unnecessary collection of personal information. I wrote about these privacy risks last June: https://www.coindesk.com/opinion/2024/06/05/cryptos-latest-privacy-battle
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Marisa
@mtcoppel
6/ The Commission has successfully adapted its rules for new technologies in the past. We urge a similar approach for crypto that balances innovation with investor protection, ensuring US leadership in digital asset markets.
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