It also stressed that the crypto sector and firms should face regulatory outcomes that are “broadly equivalent” to traditional assets and markets; that existing investor protections should be extended to crypto markets; and it advocated for regulators to take a “technology-neutral” approach to oversight.

Among other things, the industry groups said specifically that “the determination of whether a digital asset is a security should be based upon the intrinsic economic characteristics of an asset or transaction rather than through a technology-driven approach that depends on mutable factors extrinsic to the asset or transaction.”

They also called on the SEC to lean on existing case law to make those…