Mark Uyeda

They need to disclose what their intentions are in accordance with our rules and regulations.

But there's so much more that we need to do.

Well, we've already put out a number of statements from our staff in the Division of Corporation Finance, which says some things are not securities.

Now, we are working on, as Chairman Atkins said as part of his project, Crypto Kickoff, to provide some commission-level guidance, what is and is not a security when it comes to crypto.

It is tied up in a decades-old Supreme Court decision called Howey, SEC versus Howey, as to whether or not it's an investment contract.

The good news is that it is what I view as a principles-based test.

Is it an investment of money in a common enterprise with the expectation of profits from the efforts of others?

How do you apply that in the crypto space?

That's what we're looking to do.

Can't talk about timing, but what I can say is this has been part of the Crypto Task Force's efforts from day one of this year.

We took a position which I objected to, I put out many dissents objecting to it with this idea that every crypto, with the exception of Bitcoin, which is what our former chairman, Gary Gensler, testified before Congress, was a security.

No, we have this whole framework, we weren't applying it properly.

We said, we're going to do this.

That was what the Crypto Task Force started doing.

That's where they held a series of roundtables.

In fact, that was the very first roundtable was talking about what ought to be in and outside the scope of this.

We have a number of ongoing investigations and actions related, that I would say are crypto-related.

We have an awful lot of what one might call fake crypto, which is somebody who purports to be involved in crypto, but it is nothing more than the types of Ponzi schemes and other scams that we have seen since probably the creation of currency.

Well, what we've done is we still have a unit, although we've changed it from the cyber and crypto unit to be more broadly focused on technology.

We have an enormous number of tips, complaints, and referrals that come into the agency every year.