SEC Urged to Require Market-Maker Deal Disclosures

Blockworks filed an October 20 comment letter urging the SEC to require issuers that use the Regulation Crypto Assets proposal’s registration exemptions to disclose market-maker agreements and other token terms. The draft would create exemptions for raises up to $5 million over four years and up to $75 million in any 12 months, plus a conditional safe harbor; its principles-based Rule 103 lists ten broad disclosure topics. Blockworks asked the SEC to keep that approach but add worked examples, a standard format and four items: market-maker and listing arrangements, token-paid compensation, address-level identification and supply methodology. It cited its voluntary register, which had 223 token records last updated October 19, and said it filed with its Transparency Alliance, whose participants include GSR, Wintermute and Keyrock.