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

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-07-09
- Duration: 24:43
- Topics: SEC, Taylor Lindman, Salman Banaei, Plume, ETHCom, Crypto Task Force, Chairman Atkins, securities laws, regulation, tokenization, DeFi, Ethereum, public blockchains, permissionless, neutral infrastructure, Bank Secrecy Act, BSA, KYC, AML, broker dealers, transfer agents, intermediaries, issuer led model, investment contract, Howey test, enforcement, capital markets, onchain securities, compliance, smart contracts, allow lists, derivatives, equity linked notes, Treasury, materiality, builders
- Watch: https://streameth.org/watch/yt-YpEWif6FAkI
- YouTube: https://www.youtube.com/watch?v=YpEWif6FAkI

## Description

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

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