SEC chairman Paul S. Atkins has made Cryptocurrency Regulation a top priority of his leadership, promise to replace the controversial enforcement-first approach to the regulator with a clear, structured Rulebook.
In his testimony of 3 June, Atkins presented a vision To support innovation, to protect investors and eliminate fraud of the Cryptocurrency ecosystem.
Need for a clear crypto -regulation framework
While delivering a testimony before the Senate Credits subcommittee, Atkins emphasized the importance of creating a regulatory framework for cryptocurrency in the country.
He explained how the lack of clear regulations encouraged fraud in the cryptomarkt and emphasized that his top priority is to set up a regulatory framework that supports innovation and prevents fraud.
Reports indicate that the new SEC leadership will focus on creating specific rules for publishing, storing and trading crypto as part of broader reforms of cryptocurrency regulations.
Sec’s new crypto task Force
During the American election campaign, Donald Trump promised to introduce the policy to support the crypto sector.
After his inauguration, various initiatives were started to support the digital assets industry. One of the most important steps is to create one New Crypto Task Force Under the sec.
The Task Force wants to help the SEC establish clear regulations for cryptocurrency and has already held four public lap tables:
- Security classifications
- Monitor
- Custody
- Tokenization
In the coming round table, the Task Force will discuss another important topic: Decentralized Finance (Defi).
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New approach of the US sec
Speaking of the progress of the Task Force, Atkins praised the leadership of Commissioner Hester Peirce and called her a fundamental and tireless advocate for commons policy.
He strongly criticized the enforcement-first approach to the previous SEC regime, and claimed that future policy-making will be carried out by means of public regulations– No surprise enforcement actions. Atkins emphasized a return to the original mission of the SEC: create Clear rules and they maintain honestlyEspecially since Cryptocurrency Regulation is entering a new phase in American policy.
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