Fairmint’s Hilarious Proposal: SEC, Get Ready for a Blockchain Comedy Show!

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Well, well, well! Look who’s trying to shake things up in the world of crypto! Crypto-native companies are putting on their best suits and ties, ready to charm the socks off the regulatory folks. On Monday, our friends at Fairmint decided to throw a proposal party for the United States Securities and Exchange Commission’s (SEC’s) Crypto Task Force. They’re calling out the outdated and fragmented back-end infrastructure in private securities administration like it’s a bad haircut! 💇‍♂️

Submitted to SEC Chairman Paul Atkins and Commissioner Hester Peirce, Fairmint’s seven-part proposal is like a buffet of ideas! They want to standardize infrastructure for interoperability across transfer agents, introduce real-time regulatory observability through blockchain, and let investors self-custody their assets—because who doesn’t want to play banker at home? 🏠💰

And wait, there’s more! They’re suggesting a shift to knowledge-based accreditation standards. Goodbye, boring old income and net worth thresholds! They also want a regulated decentralized finance (DeFi) sandbox. Because who doesn’t love a good sandbox? Just watch out for the kids throwing sand! 🏖️

Now, let’s talk private equity! It’s like the VIP section of investing—only for those who can get in. According to S&P Global, the global private equity market hit a whopping $5.3 trillion in 2023 and is expected to grow to $6 trillion by the end of 2024. That’s a lot of dough! 🍞💵

But Fairmint is here to save the day! They claim the private equity industry is stuck in the dark ages, relying on expensive spreadsheet software that can’t even settle a lunch bill, while public markets are living it up with all the fancy options. Among their clients are the wallet infrastructure provider Privy and the place-based social media platform Bloom Network. Talk about a power couple! 💑

“Private companies are managing billion-dollar cap tables in Excel while public companies have regulated infrastructure,” said Fairmint CEO Joris Delanoue. “This creates unnecessary friction, compliance gaps, and limits American capital formation.” Sounds like a recipe for disaster, right? 🍔💥

Tokenization Takes Center Stage

The SEC Crypto Task Force is on a mission, exploring regulatory pathways at the intersection of traditional and digital assets. They’ve held two key regulatory roundtables recently, gathering industry inputs on tokenization and decentralized finance. It’s like a brainstorming session, but with more coffee and fewer donuts! ☕🍩

Financial firms are also getting in on the tokenization action. Retail trading platform Robinhood is planning a blockchain network to enable trading of US-listed stocks for Europeans. Robinhood CEO Vladimir Tenev recently said that tokenization, including of private equity, would be the company’s next focus. Because why not? Let’s throw everything into the blockchain blender! 🍹

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2025-06-17 01:48