Securities laws go beyond simple definitions — SEC Commissioner

Hester Peirce, head of the SEC’s crypto task force, said the context of a digital asset transfer could make it a securities transaction.

What qualifies as a securities transaction depends more on the nature of the deal than the asset itself, according to US Securities and Exchange (SEC) Commissioner Hester Peirce.

Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Peirce said the SEC needs to develop a framework outlining situations in which crypto transactions fall under the purview of securities laws. Examples of this might include offering cryptocurrency to investors as part of an initial public offering (IPO) or tokenizing a company’s stock. Peirce told the audience:

Peirce said she expects more digital assets that do fall under the definition of securities to emerge, as assets like tokenized stocks and bonds come onchain.

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