SEC Chair Paul Atkins Announces New Era for Crypto Regulation
Paul Atkins, the new chair of the US Securities and Exchange Commission (SEC), announced a shift in the regulatory approach towards cryptocurrencies, indicating that “crypto’s time has come.”
Regulatory Shift
- Atkins criticized the previous SEC strategy under Gary Gensler as ineffective and stifling for the crypto industry.
- He described past regulation as a “weaponization” that burdened entrepreneurs with legal defenses.
- The SEC will now focus on creating clear regulations to foster innovation rather than relying on enforcement actions.
Project Crypto
- The SEC plans to modernize rules through “Project Crypto,” aiming to classify most crypto tokens as non-securities.
- Atkins emphasized the need for efficient regulation that protects investors without complicating the landscape for entrepreneurs.
Future Collaboration
- Plans include collaboration with other regulatory bodies to integrate crypto assets with traditional financial services.
- Atkins praised the EU's Markets in Crypto-Assets (MiCA) regulation as a model for clarity in digital asset regulation.
- A vision was articulated for American breakthroughs in finance under local oversight, benefiting domestic investors.
