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Small Business Advocacy Group Recommends Congress ‘Clarify Status of Digital Assets’

“We encourage market participants looking to determine whether a digital asset is a security to seek the advice of securities counsel and engage with FinHub staff,” said the SEC.

The United States Securities and Exchange Commission, or SEC, has delivered a report to Congress containing recommendations from small businesses seeking regulatory clarification on the role of digital assets.

In a Monday announcement, the SEC’s Office of the Advocate for Small Business Capital Formation reported on recommendations from the commission’s 40th Annual Small Business Forum held in May. Participants at the forum — including all five SEC Commissioners, 14 members of SEC staff, 12 small business advocates, 11 guest speakers, and 610 other participants from the U.S. public — recommended that the U.S. Congress “clarify the status of digital assets to make clear when it is a security.”

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