1 month ago
Securities and Exchange Commission Chairman Paul Atkins called for a sweeping modernization of US crypto plus policy, outlining a three-part strategy to overhaul regulations for issuance, custody, and trading.
He made the connection during his keynote address astatine the SEC Crypto Task Force’s latest roundtable connected May 12, which covered tokenization and its imaginable to upgrade superior markets.
Atkins likened the displacement to blockchain-based securities to the euphony industry’s integer transformation, arguing that “on-chain” assets could revolutionize superior markets conscionable arsenic MP3s reshaped audio distribution.
The SEC’s apical precedence nether Atkins volition beryllium crafting a “rational regulatory framework” tailored to integer plus markets, breaking distant from years of unpredictable enforcement that discouraged innovation.
He promised that policymaking would present hap done ceremonial channels alternatively than ad-hoc actions, reaffirming his caller statements.
According to Atkins:
“It is simply a caller time astatine the SEC.”
Three-pronged betterment plan
Atkins laid retired an ambitious betterment docket focused connected enabling compliant crypto plus issuance, expanding ineligible custody options, and modernizing trading frameworks.
He noted that lone a fistful of projects person successfully registered offerings done accepted SEC pathways, pointing to outdated disclosure forms and ineligible uncertainty arsenic large barriers.
To code this, the regulator volition see exemptions, harmless harbors, and disclosure guidance much suitable for digital-native assets. He emphasized that interim unit guidance remains temporary, and afloat Commission rulemaking is needed to found enduring standards.
On custody, Atkins endorsed the rollback of Staff Accounting Bulletin No. 121, which had imposed restrictive attraction of crypto holdings. He called for broader clarity connected what qualifies arsenic a “qualified custodian” and said custody rules should germinate to bespeak self-custody solutions and emerging champion practices successful the industry.
For trading, Atkins voiced enactment for allowing broker-dealers to connection integrated services, including crypto and non-crypto assets, nether unified platforms. He besides raised the anticipation of conditional exemptive alleviation to let caller products that whitethorn not yet acceptable wrong existing rules.
Cementing US leadership
Echoing President Donald Trump’s telephone to marque America the “crypto superior of the planet,” Atkins warned that if the SEC fails to adapt, innovation volition migrate offshore.
He praised Commissioners Mark Uyeda and Hester Peirce for co-leading the recently formed Crypto Task Force, which aims to interruption down interior siloes and fast-track guidance crossed the agency.
Throughout the address, Atkins highlighted the request for rules that support investors portion supporting innovation. He emphasized that fraud enforcement remains a priority, but the SEC’s attack volition instrumentality to its “original intent” to constabulary violations of established obligations alternatively than making argumentation done enforcement.
The SEC is expected to proceed with further rulemaking, unit guidance, and interagency coordination successful the coming months arsenic it seeks to found the US arsenic a person successful tokenized fiscal infrastructure.
The station SEC Chair Atkins reiterates request to overhaul crypto rules, pledges to extremity ‘regulation by enforcement’ appeared archetypal connected CryptoSlate.
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