He urged the SEC to consider international regulatory developments in regions such as the EU, South Korea, and Japan when formulating future regulations.

This call for clarity comes amid ongoing legal disputes involving major firms like Ripple and Coinbase, which argue that the SEC has not sufficiently defined what constitutes a security in the digital asset context.

During a recent talk at Korea Blockchain Week 2024, SEC Commissioner Mark Uyeda advocated for a specialized version of the S-1 form tailored for registering digital assets.

Uyeda emphasized that the current S-1 form does not adequately capture the unique characteristics of digital asset securities, which imposes unnecessary burdens on sponsors.

He expressed concerns that the lack of tailored registration options forces digital asset sponsors to provide irrelevant disclosures.

Highlighting the significant regulatory uncertainty in the industry, Uyeda suggested that the SEC should explore new legislation or rulemaking to establish clearer guidelines.

Despite the growing importance of digital assets, these regulatory issues have not been prioritized by the SEC under Chair Gary Gensler's leadership.

It is important to note that Uyeda's views are personal and do not represent the entire agency, as he continues his term until June 2028.

Uyeda believes the SEC has not done enough to support digital asset products seeking registration in the U.S.

Uyeda's proposal includes collaborating with crypto companies to improve the S-1 form, similar to how the SEC works with product sponsors for other financial products.

He stressed the need to update the SEC's regulatory tools to address the complexities of digital assets, which are currently classified as securities under federal law.

Uyeda also called for clearer definitions of what constitutes a security within the digital asset space, referencing the ongoing regulatory uncertainty.