John Reed Stark, the former director of the internet enforcement office at the United States Securities and Stock Exchange Committee (SEC), against the idea of organizational reform at the SEC first encryption table.
The former organizer said that the Securities Law of 1933 and 1934 should not be changed to accommodate digital assets and urged that digital assets do not escape the definition of securities according to the current laws.
The first coding warehouse. source: second
“People who buy encryption are not university students. We all know that they are investors, and SEC's mission is to protect investors,” Stark said. The former official added:
“The volume of the jurisprudence has evolved quickly because of all these encryption companies. They went to this type of delay, delay, delay, and idea, and they rented the best law firms in the world, and fought all law firms with incredible summaries.”
“I have read each of them. They just lost, I would like to argue, every time,” continued.
Stark concluded that he had not seen any innovation in digital assets or cryptocurrencies compared to previous online revolutions, such as the appearance of iPhone.
John Reed Stark, in the photo on the far right, argues against comprehensive organizational reform. source: second
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John Reed Stark: One of the critics residency in Crypto
Stark was one of the most vocal opponents in cryptocurrencies and digital asset industry, and often criticizes the industry due to the lack of transparency and accountability.
In February 2024, the former SEC official described a care deal between the Dallas Maversks team – the National Basketball Association team (NBA) – and Crypto Voyageer as an agreement with the “Heroin Manufacture Company”.
Stark later said that the government agency list by enforcement during the era of former President Gary Ginsler, adding that the encrypted currency must be compatible with the current laws instead of the law that develops to embrace the future of money.
Stark's position to combat Crypto has been criticized by executives and investors in this field as not prohibited. In June 2023, prominent investor Mark Koban described Reid's views as “coding syndrome”.
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