U.S. Securities Chair Paul Atkins advocates for a sensible regulatory structure to position America as the global leader in cryptocurrency, aiming to become the 'Crypto Capital of the World'.
Updated Article:
- Headline: SEC New Boss Wants to Shake Up Crypto Regulations and Make the U.S. the "Crypto Capital"
- Subtitle: Paul Atkins, the freshly minted SEC Chair, plans to create a streamlined regulatory framework for crypto assets and cover issuance, custody, and trading.
Hold onto your crypto wallets, folks! The new SEC Chair, Paul Atkins, has some major plans to make the United States the undisputed "crypto capital" of the world. Speaking at the Commission's Crypto Task Force Roundtable on Tokenization, Atkins declared that the SEC's outdated rules and regulations simply can't keep up with blockchain technology's novel use cases.
In his talk, Atkins stated that for the U.S. to achieve President Trump's vision for crypto dominance, the SEC must remain agile and adapt to changing technologies. The SEC Chair emphasized that traditional regulations designed for off-chain securities may be incompatible with or unnecessary for on-chain assets, stifling the growth of blockchain technology.
Atkins' top priority as Chair will focus on developing a rational and sensible regulatory framework for the crypto asset markets:
- Crypto Issuance: Atkins aims to create clear guidelines for the distribution of crypto assets that are securities or subject to an investment contract, providing pathways for crypto asset issuance within the United States.
- Crypto Custody: Atkins seeks to provide clearer rules for qualified custodians within the Advertisers Act and Investment Company Act, as well as exceptions to the qualified custody requirements to accommodate common practices within crypto asset markets. Modern technology-focused solutions should be embraced for safer crypto asset storage.
- Crypto Trading: In order to accommodate the growing crypto trading market, Atkins supports broker-dealers offering securities, non-securities trading, and other financial services all in the same app. The SEC Staff will work to modernize the ATS (Alternative Trading System) regulatory regime, making it easier to accommodate crypto assets.
Additionally, new Chair Atkins plans to tackle crypto scams, hacks, and breaches head-on. Watch this space for updates on the SEC's efforts to protect investors and encourage responsible innovation in crypto markets!
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Insight:* Paul Atkins, recently appointed as SEC Chair, intends to create a rational regulatory framework for the crypto asset markets, emphasizing the importance of clarity in regulating issuance, custody, and trading practices.* This shift marks a move from relying on ad hoc enforcement actions to establishing clear rules through rulemaking, interpretive, and exemptive authorities, ensuring both investor protection and innovation-friendly policies.* The aim is to create a regulatory environment that supports blockchain technology growth and positions the U.S. as a global leader in the crypto ecosystem.
- Paul Atkins, the new SEC Chair, is advocating for a rational and sensible regulatory framework to support the growing crypto asset markets, with a focus on clear guidelines for crypto issuance, custody, and trading.
- Under Atkins' leadership, the SEC aims to modernize regulations and adapt to changing technologies, such as Alternative Trading Systems (ATS), to accommodate various financial services and blockchain-based assets, fostering responsible innovation in the cryptocurrency industry.
