Native crypto enterprises are intensifying efforts to influence regulatory guidelines for digital asset trading. On Monday, transfer agent Fairmint submitted a framework proposal to the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group, targeting what it describes as "outdated and fragmented" private securities management backend infrastructure.
The proposal has been submitted to SEC Chairman Paul Atkins and Commissioner Hester Peirce. Fairmint's seven-part proposal aims to standardize interoperability infrastructure among transfer agents, achieve real-time regulatory observability through blockchain technology, and enable investor self-custody while ensuring compliance.
Fairmint also calls for a shift from traditional income and net asset thresholds to knowledge-based qualification standards and the establishment of a regulated decentralized finance (DeFi) sandbox environment.
Private equity refers to investments in non-publicly traded companies rather than publicly listed ones. According to financial services company S&P Global, the global private equity market reached $5.3 trillion in 2023 and is expected to grow to $6 trillion by the end of 2024.
Fairmint points out that the private equity industry heavily relies on expensive spreadsheet software that lacks settlement capabilities, while the public market has more options. The company's clients include wallet infrastructure provider Privy and location-based social media platform Bloom Network.
"Private companies are managing capital tables worth billions of dollars using Excel, while public companies have regulated infrastructure," said Fairmint CEO Joris Delanoue. "This creates unnecessary friction, compliance gaps, and limits capital formation in the U.S."
The SEC cryptocurrency working group has been exploring regulatory pathways at the intersection of traditional and digital assets. The agency has held two significant regulatory roundtables in recent weeks to gather industry opinions on tokenization and decentralized finance.
Financial institutions are also exploring the tokenization of publicly listed companies. For example, retail trading platform Robinhood is planning to establish a blockchain network that would allow European investors to trade U.S. listed stocks. Robinhood CEO Vladimir Tenev recently stated that tokenization, including the tokenization of private equity, will be the company's next development focus.
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