Following the historic vote on three major crypto bills, the Securities and Exchange Commission (SEC) is reportedly considering regulatory changes related to digital assets to incentivize the industry.
Among the changes, the SEC is considering an innovation exception that would “permit novel ways of trading and more narrowly tailored forms of relief to facilitate the building of other components of a tokenized securities ecosystem,” the Chairman said at a press event.
Atkins reportedly praised the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, stating that the agency is looking forward to “establishing clear rules of the road” for the crypto industry.
The bill is scheduled to be officially signed today at 2:30 PM EST in a signing ceremony for industry leaders and lawmakers, according to official invites from the White House.
“The GENIUS Act is going to be very helpful for providing trust around stablecoins,” he stated, explaining that “when you remove friction from markets and when you give clarity to people, markets can move much freer.”
“Now, I think you are going to see the crypto industry continue to engage itself in a deeper way with the traditional finance industry,” Thiel continued, adding, “What we are really seeing is the rapid maturity of an industry around a very good set of regulations that make it easy for the regulators to control the market and observe the market.”
What this is going to do is it’s going to even further cement the dollar as the world’s reserve currency, because by making it easier for people trading internationally for imports and exports, for trade, even domestically, to take place through electronic means, through blockchain technology.
Faulkender considers that by providing this legislative clarity, “it’ll bring faith” to the American people on how to utilize these new systems and concluded that “If we do not provide this kind of clarity, then what’s going to happen is the innovation is going to take place abroad. And the last thing that the American people want to see.”
