The U.S. Securities and Exchange Commission (SEC) Crypto Task Force continues to meet with industry participants, as reflected in a memorandum released about a Sept. 15 meeting with representatives of DeFi company Term Finance. The memo outlined Term Finance’s model for short-term, fixed-rate lending, which leverages overcollateralized crypto assets in tri-party repurchase structures and employs smart contracts for non-custodial execution.

The SEC memo stated:

The topic discussed was approaches to addressing issues related to regulation of crypto assets.

The document noted that the Reves test was evaluated to determine whether such loans resemble exempt notes and that the Howey test was examined for its relevance in deciding whether protocol tokens could be classified as securities. Term Finance raised questions about whether retail participation affects regulatory analysis, how secondary markets could influence classification, and whether interfaces contribute to the “efforts of others” prong under Howey. SEC staff stressed the need to balance public perception with the technical and economic design of the products.

Risk mitigation and compliance were also key themes in the discussions. Term Finance emphasized mechanisms such as overcollateralization requirements, decentralized price oracles, and real-time auditability to demonstrate alignment with investor protection principles. The firm also expressed interest in future engagement with the SEC through tools such as regulatory sandbox programs, ongoing reassessments with staff, and communications designed to avoid mischaracterizing loans or tokens as investment products.

The SEC’s Crypto Task Force, led by Commissioner Hester Peirce, is actively engaging with the industry via meetings, roundtables, and public input to help shape clearer regulations. It has held roundtables across the U.S.—especially targeting small crypto startups under two years old—and scheduled a public roundtable on Oct.17 to discuss privacy and financial surveillance. Although regulatory uncertainty remains, the memorandum reflected a wider industry position that automated and transparent lending protocols could complement traditional markets by improving risk management and encouraging institutional adoption.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。