What SEC disclosure for crypto assets could look like

A Securities and Exchange Commission member suggested creating a new form for registering cryptocurrencies, considering their unique nature. The current S-1 form, used for registering traditional assets, doesn't fit cryptocurrencies. It asks the wrong questions and doesn't address issues like code visibility, security audits, and governance details. A new form, potentially called "Reg-DA," could be created to better suit digital assets. However, it would likely take two years to be implemented and might face lawsuits. Congress might be better suited to address this issue, as it understands the importance of updating regulations for cryptocurrencies.