A rational regulatory framework. The new president of the Securities and Exchange Commission (Sec) took office on April 23 and he immediately announced that his priority would be to set up a clear and precise regulatory framework for digital assets. He also declared that he wanted to end the political use of securities laws and that he was going to review the current proceedings against Crypto companies. Today, Paul Atkins has given some additional details on his vision of regulation and on the next stages of his mandate. Direction Washington to take stock of the declarations of the owner of the DRA.
- The new president of the SEC, Paul Atkins, announced that he wanted to establish a « rational » regulatory framework for digital assets as soon as he took office.
- He expressed his intention to collaborate with the crypto sector to avoid regulatory uncertainty and promote innovation, marking a change of tone compared to his predecessor.
Paul Atkins wants to set up « rational rules » for the US crypto
During a public meeting of the Crypto Task Force of the Securities and Exchange Commission,, Paul Atkins said he wanted to establish « Rational rules » For digital assets and that it would be a priority for his mandate. Here is what he said exactly:
“A key priority of my presidency will be to develop a rational regulatory framework for the digital asset markets which establishes clear rules for the issue, custody and negotiation of digital assets while continuing to discourage the bad actors to violate the law. »»
Paul Atkins, President of the SEC – Source: Reuters
He then clarified that the sec would set up guidelines for token distributions that are considered to be securities and that she was also going to look into the issue of exemptions to these rules. Finally, the president said that he was going to think about the possibility of allowing brokers Registered with the SEC to facilitate the negotiation of tokens which are not considered as securities, such as Bitcoin or Ethereum.
But beyond these announcements, it is the tone used by the new president which was noticed by the observers. Indeed, Paul Atkins has clearly changed register compared to his predecessor and he seems to want to appease relations with the crypto industry.
The new president of the dry tone compared to Gary Gensler
While Gary Gensler had adopted a very hostile towards Crypto companies, multiplying legal proceedings and aggressive declarations, Paul Atkins seems to want to adopt a more approach constructive and more pragmatic. He notably declared that he wanted to work with players in the sector to find solutions adapted to their needs and their specificities. He also said that he wanted to avoid creating too much confusion or regulatory uncertainty that could brave innovation or harm investors.
This change of tone was hailed by professionals in the sector who hope that the dry will finally recognize legitimacy And diversity Digital assets and that it will stop considering them as default securities. They also hope that the dry goes soften certain rules which are too restrictive or too expensive for Crypto companies, particularly in terms of information disclosure or registration.
The new president of the SEC therefore seems to want to keep his campaign promises and set up a regulatory framework more favorable to digital assets. It remains to be seen whether this will be enough to convince the players in the sector who have been scalded by years of repression and distrust on the part of the American regulator. But in any case, Paul Atkins’ speech marks a turning point in dry policy and suggests a more serene future for the crypto in the United States …And some signs show that the message has been received.