The Onchain Capital Markets Era Starts in DC | Taylor Lindman (SEC) Salman Banaei (Plume) at ETHConf

Thu, Jul 2, 2026, 12:00 AM

In this fireside chat, Taylor Lindman, Chief Counsel of the SEC's Crypto Task Force, sits down with Salman Banaei from Plume to discuss the SEC's evolving approach to onchain capital markets. Taylor explains that the Crypto Task Force, established by Chairman Atkins as one of his first acts, serves a coordination function across the SEC, assisting with rulemaking, conducting outreach (over 200 industry meetings to date), and institutionalizing crypto expertise across SEC divisions. The task force is measuring itself on two major buckets: clarifying when tokens are subject to securities laws (resulting in a recent commission interpretation), and accommodating new ways market participants want to tokenize, clear, and settle securities. The conversation digs into how SEC regulation maps onto public permissionless blockchains like Ethereum versus permissioned alternatives. Taylor expresses that blockchains work best as neutral infrastructure with permissionless properties, while acknowledging tradeoffs for specific applications. He walks through how Bank Secrecy Act and KYC requirements apply mainly to intermediaries like broker dealers and mutual funds, and how transparent onchain systems can enable compliance through new methods like allow lists and onchain checks. Taylor discusses how DeFi protocols challenge traditional intermediary frameworks since smart contracts lack the "person" most regulations are built around, the issuer led tokenization model recently outlined by SEC staff, and a major shift in enforcement away from registration violations toward materiality and actual harm. He closes by inviting builders to engage with the task force directly through their website. 00:00 Introduction 00:08 What the SEC Crypto Task Force Does 02:22 Two Major Buckets: Token Status and Onchain Securities 03:08 Key Performance Indicators Through 2028 04:38 The SEC's View on Public vs Permissioned Blockchains 05:47 Why Neutral Infrastructure Matters 07:02 Bank Secrecy Act, KYC, and AML Requirements Explained 08:32 Non BSA Reasons for Identity Collection 09:49 New Technologies for Compliance Onchain 10:53 How the SEC Interfaces with Treasury on Innovation 11:48 Mapping Securities Laws onto DeFi Protocols 13:21 When Protocols Are No Longer Acting Like Intermediaries 14:46 The Path for DeFi as Neutral Infrastructure 16:08 The Immature State of Tokenized Securities Markets 16:50 The Role of Issuers and Transfer Agents 17:21 Issuer Led Tokenization Models 18:23 Third Party Issued Securities and Derivatives 20:09 Re-Evaluating Enforcement Theories Against DeFi Developers 21:38 Reset Point on Investment Contract Analysis 22:50 From Registration Violations to Material Harm 23:15 Call to Builders: Engage with the Task Force 24:01 Closing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ *ETHConf 2026* ETHConf is a 3 day event for founders, industry leaders, and builders who are excited about the possibilities of building on top of Ethereum. Connect with 2,000+ top innovators in crypto, finance, technology, and policy at our inaugural three-day event packed with showcases, demos, partnerships, and conversations shaping the future of the global economy. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ *Follow ETHConf* X: https://x.com/ethconf Website: https://ethconf.com _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🎟️ Get your early bird tickets for ETHConf 2027: https://ethconf.com/2027#tickets 🎤 View the full ETHConf 2026 Speaker Schedule: https://ethconf.com/schedule _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _