Crypto Task Force Written Input

Please find written input submissions to the Crypto Task Force below. The written input is posted without modification. We hope sharing the submissions will help encourage productive dialogue and continued engagement. Please note that the “Key Points” and “Topics” are AI generated. AI can make mistakes, and the Key Points and Topics are not a replacement for you reading the submissions. The Crypto Task Force has not reviewed these AI-generated summaries for accuracy or completeness. If you believe a Key Point or Topic is inaccurate, please email the Crypto Task Force at crypto@sec.gov. The written input provided to the SEC and posted on this page does not necessarily reflect the views of the Crypto Task Force or others in the U.S. Securities and Exchange Commission.

Date Written Input Topic(s) Key Points
Unit 410, LLC

Request for Regulatory Guidance – Qualified Self-Custody 		Custody, RFI Responses, Safe Harbor, Security Status
  • Proposes a Qualified Self-Custodian (QSC) framework for Registered Investment Advisers (RIAs) to self-custody digital assets when traditional Qualified Custodian (QC) options are unavailable.
  • Emphasizes the need for RIAs to document their fiduciary judgment and implement safeguarding principles to protect investors while self-custodying digital assets.
  • Requests interim regulatory guidance and potential rulemaking to address the regulatory gap and facilitate secure, legal, and practical self-custody solutions for digital assets.
Deloitte & Touche LLP

Re: Crypto Task Force Written Input 		Custody, RFI Responses, Security Status, Trading
  • Deloitte encourages the SEC to align its work with the President’s Working Group on Digital Asset Markets to propose a Federal regulatory framework for digital assets.
  • Deloitte emphasizes the need for a principles-based framework rooted in established laws and regulations to ensure predictability and adaptability as the digital asset market evolves.
  • Deloitte highlights the importance of coordination among regulators and standard setters to avoid regulatory fragmentation and reduce the risk of regulatory arbitrage.
Plume Network Inc.

Subject: Comments on the SEC Crypto Task Force’s “There Must Be Some Way Out of Here” Request for Input Questions 		Regulatory Sandbox, RFI Responses, Safe Harbor, Tokenization
  • Permissionless or open, public blockchains, including decentralized finance (DeFi), are best positioned to enable the SEC to meet its policy goals relating to capital and digital asset markets.
  • Safe harbor exemptive relief should extend to the Securities and Exchange Act of 1934, as well as the Securities Act of 1933, and incorporate specific considerations related to DeFi.
  • The SEC should implement a regulatory sandbox for securities tokenization on open blockchains to develop a new regulatory architecture leveraging open blockchains and complementary technologies.
Blockchain Association

Re: Written Input Regarding Trading-Related Topics 		Custody, RFI Responses, Security Status, Trading
  • The Blockchain Association (BA) advocates for an incremental, flexible approach to regulating crypto asset trading, emphasizing the need for the SEC to adapt existing rules to accommodate technological and market innovations.
  • BA suggests that the SEC should not impose requirements for investors to transact through intermediaries, and should leverage blockchain technology to enhance market efficiency and transparency.
  • BA recommends specific updates to SEC rules, including relief from certain timing requirements for trade confirmations, modifications to net capital rules for broker-dealers, and allowing blockchain-based books and records for regulatory purposes.
PricewaterhouseCoopers LLP

Letter to the Crypto Task Force 		Custody, Public Offerings, RFI Responses, Security Status
  • PwC emphasizes the need for a framework that identifies how the characteristics of different crypto assets (e.g., stablecoins, non-fungible tokens) determine their security status.
  • PwC suggests leveraging existing public offering rules with necessary modifications for crypto assets that meet the definition of a security.
  • PwC recommends expanding custody-related regulations to provide adequate investor protection for crypto assets, even if they do not meet the definition of a security.
Jump Crypto

Re: Application of the Federal Securities Laws to the Digital Asset Market 		RFI Responses, Safe Harbor, Security Status, Trading
  • The SEC should clarify that most digital assets and digital-asset transactions are not investment contracts under current law.
  • The SEC should use its exemptive authority to make clear that digital assets and transactions without forward-looking contractual obligations are not subject to federal securities laws.
  • If a safe harbor is established, it should be based on the concept of "control" rather than ownership to determine the applicability of securities laws.
Andreessen Horowitz, a16z

Re: Comments on the SEC Crypto Task Force’s Questions Concerning Public Offerings and Safe Harbor from Registration 		RFI Responses
  • Andreessen Horowitz recommends that the SEC establish a taxonomy that clearly identifies when crypto assets may be subject to registration requirements.
  • Andreessen Horowitz recommends that the SEC issue interpretive guidance that distinguishes between seven types of crypto assets.
  • Andreessen Horowitz recommends that the SEC provide exemptive relief, where necessary, to: establish a tailored disclosure framework, clarify reporting requirements under the Exchange Act, provide a pathway for decentralization under Exchange Act requirements, and enable onchain transactions of registered crypto assets.
CCI's Proof of Stake Alliance (POSA)

Re: Law and Policy Considerations Relevant to Staking Services 		Custody, RFI Responses, Safe Harbor, Security Status, Trading
  • Staking and Staking Services do not constitute securities transactions under federal securities laws, as they do not meet the criteria for investment contracts or notes.
  • The provision of Staking Services involves technical activities that secure blockchain networks and are compensated through protocol-defined rewards, not managerial efforts.
  • Regulatory clarity is requested to confirm that staking activities do not constitute the offer and sale of securities, which would help the industry flourish with U.S. participants.
     
Charles V. Callan, Broadridge Financial Solutions

Subject: Comments on the SEC Crypto Task Force’s February 21, 2025 Request for Information (“RFI”) 		Custody, Public Offerings, RFI Responses, Security Status, Tokenization, Trading
  • Broadridge supports the development of tailored disclosure requirements for crypto assets to enhance investor protection and suggests that disclosures should include both traditional financial information and crypto-specific details.
  • The letter emphasizes the importance of frequent updates on material information for crypto assets, with a recommendation for monthly updates or updates as changes occur.
  • Broadridge highlights the need for greater financial literacy education to help investors understand the unique attributes and risks associated with crypto assets.
Lilya Tessler, Sidley Austin LLP, on behalf of The Digital Chamber

Security Status of Certain Crypto-Asset (Token) Transactions 		Custody, RFI Responses, Security Status, Trading
  • The letter discusses the criteria for determining whether certain crypto-asset transactions qualify as securities under existing regulations.
  • It outlines the regulatory implications for entities involved in the issuance, trading, and custody of these crypto-assets.
  • The letter emphasizes the need for clear guidelines to ensure compliance and protect investors