The SEC’s disclosure policy was developed in the 1930s, long before the internet so it should not apply to new technologies such as crypto, Paradigm has claimed.
The firm noted that securities provide the holder legal rights against a centralized entity, however, there are no “legal rights” with most cryptocurrencies but “technological abilities in a protocol.”
Crypto assets can also be traded peer-to-peer and on a fundamentally different technology stack, unlike traditional securities and stocks, which trade on an “archaic system full of intermediaries.” “Unsurprisingly, without major changes to the SEC’s current disclosure regime, the SEC is unable to effectively regulate crypto asset markets.”
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