Markets & Economy
Former SEC Attorney Urges Narrower Test for Crypto Securities, Proposes 'Digital Value' Category
A former SEC attorney filed public comments arguing that mere market speculation should not, by itself, convert a token into a security and urged a multi-factor, sliding-scale approach to classification. She also circulated a discussion draft that would create a new 'Digital Value Instruments' category and recommended risk-based jurisdictional rules, federal preemption, and safe harbors to better align oversight between the SEC and CFTC.