SEC Commissioner Mark Uyeda criticized the generic approach to crypto asset filings as “problematic.” Uyeda announced the adoption of new rules and form amendments to implement the Registered Index-Linked Annuities (RILA) Act, changing some of the requirements for Form N-4 applications in a statement on the SEC’s official website on July 1. The statement, which initially appears unrelated to crypto, contained a subtle jab at the government’s regulation of crypto assets. Uyeda called for the updating of Form S-1 filings to better reflect the unique nature of digital assets and slammed the agency’s current approach to crypto filings as “problematic.” Alexander Grieve, head of government affairs at Paradigm, expressed that this was the first time Commissioner Uyeda had gone on record calling for a tailored disclosure regime for crypto assets in a post to X on July 2. The Blockchain Association also praised Uyeda’s comments, stating that his “nuanced, innovation-forward approach” to crypto was just what the industry needs in a post to X on July 2.
Uyeda’s statement comes just four days after the SEC sued Ethereum development firm Consensys on June 28, alleging that its wallet application MetaMask acted as an unregistered broker involved in the “offer and sale of securities.” The SEC also targeted Ethereum staking services including Lido DAO and Rocket Pool, the platforms that MetaMask uses for Ether (ETH) staking. In April, Consensys sued the SEC after receiving a Wells notice from the agency, challenging potential attempts to classify ETH and related staking services as securities.