The Securities and Exchange Commission (SEC) Digital Asset Regulation Task Force (DART) formally addressed industry concerns this week regarding the regulatory ambiguity surrounding decentralized digital assets, specifically acknowledging arguments related to the spirit of the CLARITY Act, which demands predictable and public regulatory pathways.
Responding directly to ongoing litigation and advocacy from firms like Ripple Labs, DART proposed the creation of a distinct regulatory class tentatively named the ‘Transitioning Digital Asset’ (TDA). This new classification is designed to accommodate tokens that initially resemble securities under the Howey Test but have demonstrated substantial progress toward functional decentralization and network utility.
The proposal seeks to bridge the gap between fully registered securities and assets deemed commodities by establishing a tiered regulatory framework. Under the TDA model, issuers would qualify for limited registration exemptions, provided they meet strict ongoing transparency requirements. These requirements include mandatory quarterly reporting focused on governance changes, verifiable token distribution metrics, and operational maturity milestones, thereby avoiding the full reporting burdens typically placed on traditional public companies.
SEC Chair Gary Gensler, commenting on the draft proposal, emphasized that the goal is to provide a ‘regulated runway’ for maturing technologies, not to grant a blanket exception. ‘The digital asset industry requires clarity, but clarity must ensure robust investor protection,’ Gensler stated during a press briefing. The proposal is currently open for a 90-day public comment period, signaling a pivotal, albeit cautious, step toward formalizing U.S. cryptocurrency regulation.
Source: SEC task force responds to Ripple CLARITY Act concerns, floats new classification
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