Paul Atkins, Chairman of the US Securities and Exchange Commission (SEC), shared that the institution is working on a new regulation for the cryptocurrency industry and that this process is about to be completed. In his statement at an event held in Nashville, Atkins stated that this new draft, defined as “regulation crypto”, was sent to the White House’s Office of Information and Regulatory Affairs. This step is interpreted as the last stage before the rule is made public.
Key issues on the SEC’s agenda
Atkins emphasized that the new regulatory framework focuses on key areas such as fundraising and startup exemptions under the Securities Act of 1933. According to the information he provided, this regulation will make it clearer which transactions in the crypto industry will be within the scope of securities and which transactions will be outside this scope.
The SEC Chairman also pointed out that the long-awaited “innovation exemption” will be announced soon. The exemption aims to encourage new startups to enter the market, but not to put existing players at a disadvantage.
Atkins stated that the innovation exemption will be applied equally not only to new ventures but also to existing market actors, and their aim is to enable the industry to experiment safely within this framework.
It was pointed out that the current framework will be implemented as a flexible testing period rather than a “rule”, and that the reactions and functioning in the sector are important.
Relations with Congress and the political process
In his speech, Atkins also touched upon the role of Congress and gave the message that the SEC’s regulatory process proceeds independently of the developments in the legislative body. Pointing to the upcoming elections, Atkins stated that the regulatory processes were continued despite the political balance in the congress.
The SEC Chairman argued that the active participation of industry representatives in the elections will reduce future uncertainties in the regulations for the crypto market.
Citing Senator Bernie Moreno’s name as an example, it was noted that the creation of a congress structure compatible with the sector had positive results in previous elections.
Atkins stated that greater engagement of industry stakeholders in the election process could prevent future policy shifts.
With the new regulatory framework that the SEC is working on, it is expected that there will be greater transparency and clarity in the crypto asset market.
