SEC Commissioner: context matters for securities laws
The nature of a deal, rather than the asset itself, determines if a transaction qualifies as a securities transaction, according to SEC Commissioner Hester Peirce. Speaking at the Bitcoin 2025 conference, Peirce emphasized the need for a framework to identify when crypto transactions fall under securities laws, such as in IPOs or tokenized stocks. Most current crypto assets are not securities, but transactions involving them can be. Peirce anticipates more digital assets will qualify as securities, especially tokenized stocks and bonds. The SEC is working on comprehensive crypto regulations to prevent industry migration. The SEC launched a crypto task force and is engaging with industry executives to develop these regulations, with a detailed report expected soon.
