SEC Cryptocurrency Special Unit Meets with MV Global, Paid Network to Discuss Digital Asset Regulations

The U.S. Securities and Exchange Commission (SEC) Cryptocurrency Special Unit has released a working memorandum, disclosing that a meeting was held on April 28 with representatives from MV Global Services LLC, Paid Network, and Ashbury Legal PC to discuss issues related to digital asset regulation.

Key topics of the meeting included the determination of securities attributes for digital assets, retail investors' market access, and Paid Network's business expansion plans in the U.S. MV Global emphasized that the current regulatory uncertainty in the U.S. is prompting startups to register in jurisdictions like Singapore, Switzerland, and the Cayman Islands, which could weaken the U.S.'s leadership in blockchain innovation.

Furthermore, existing accredited investor rules limit retail participation in early-stage projects, and the burdensome KYC/AML compliance requirements pose challenges for resource-constrained startups. Therefore, they urged the SEC to promote a clearer regulatory framework to support the U.S.'s competitiveness and innovation capacity in the digital asset space.