ME News report, February 13 (UTC+8), Jim Moloney, head of the Financial Department of the U.S. SEC, stated that they are working to expedite the development of regulatory rules. The department will primarily focus on reforming cryptocurrency assets and is preparing to submit two key proposals regarding cryptocurrency assets to the committee: first, to provide interpretative guidance that offers clear classifications for cryptocurrency assets and describes the framework for determining when cryptocurrency assets are subject to investment contract constraints; second, to develop a reasonable regulatory structure proposal for the issuance and sale of such securities concerning cryptocurrency assets subject to investment contract constraints. Additionally, the department will continue to provide market clarity through statements and letters of non-action. Jim Moloney also mentioned that other ongoing work at the SEC includes: implementing the Holding Foreign Companies Accountable Act (HFCAA); creating a reporting option for semiannual reports instead of quarterly reports; and alleviating regulatory burdens under Regulation S-K, including executive compensation disclosures, etc. (Source: ME)
