Paul Atkins, the newly appointed chair of the US Securities and Exchange Commission (SEC), has boldly declared that “crypto’s time has come,” marking a pivotal moment in the regulator’s approach to digital assets.
Atkins criticized the previous SEC approach under former chair Gary Gensler, which he described as a “weaponization” of regulatory powers that stifled the crypto industry.
The SEC under Atkins aims to establish “clear and predictable regulations” that will enable innovation to flourish. He indicated that the agency will no longer rely on ad hoc enforcement actions to set policy.
As Congress works on legislation, the SEC is set to modernize its rules through what it has termed “Project Crypto.” This initiative seeks to adapt existing securities regulations to accommodate the digital asset landscape, ensuring that most crypto tokens are clearly classified as non-securities.
Atkins also highlighted the need for regulatory efficiency, advocating for a minimum effective dose of regulation to protect investors without overburdening entrepreneurs with complex rules that only large incumbents can navigate.
Atkins further unveiled that the Securities and Exchange Commission also plans to collaborate with other regulatory bodies to create a cohesive environment that permits the trading of crypto assets alongside traditional financial services.
The regulator praised the European Union (EU) for its stance on digital assets, specifically referencing the Markets in Crypto-Assets (MiCA) regulation, which he sees as a model for regulatory clarity.
In closing, Atkins articulated a vision for a future where breakthroughs in the financial industry are made on American soil, under American oversight, ultimately benefiting American investors.
He welcomed the opportunity to work with international allies to enhance economic collaboration and extend the sphere of freedom and prosperity in the financial markets, including the fast-growing cryptocurrency space.
Featured image from DALL-E, chart from TradingView.com
