SEC Chair Atkins Plans Crypto Policy Changes via Notice and Comment Process
Paul Atkins, chair of the U.S. Securities and Exchange Commission (SEC), announced that the SEC will develop crypto policy through a "notice and comment" process instead of relying on "regulation by enforcement." This shift was discussed during his June 3 testimony to the Senate Appropriations Subcommittee.
- The SEC aims to create a rational regulatory framework for crypto asset markets.
- This framework will establish clear rules for issuance, custody, and trading of crypto assets.
- The focus is on investor protection against fraud and manipulation.
- Atkins plans to coordinate efforts across multiple offices within the SEC.
- A new Crypto Task Force has been established to enhance collaboration among policy divisions.
Atkins's approach marks a departure from former chair Gary Gensler's emphasis on enforcement actions, which faced criticism from the cryptocurrency industry. Since taking office, Atkins has dropped lawsuits against several crypto firms and shifted the commission’s stance on crypto policy.