U.S. SEC Chairman Paul Atkins unveiled his vision for cryptocurrency regulation, adopting a more friendly approach to digital assets
ChainCatcher news, new U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins announced on Monday that the agency will undergo significant changes in its approach to cryptocurrency regulation and outlined details involving issuance and custody. Nominated by President Trump, Atkins articulated these plans during the SEC's fourth cryptocurrency task force roundtable, demonstrating a starkly different approach to digital asset regulation compared to the previous administration."SEC is ushering in a new day," Atkins said. "Policy-making will no longer rely on ad hoc enforcement actions. Instead, the Commission will utilize its existing rule-making, interpretive, and exemption authorities to set standards suitable for market participants."Atkins stated on Monday that he plans to develop guidelines for assets considered securities or "subject to investment contracts." He criticized the previous approach by Gensler, which required companies to visit the SEC, calling it a "ostrich policy—perhaps hoping that cryptocurrency would disappear." "It claims to be willing to talk to potential registrants, 'just come visit,' but that is at most empty rhetoric, more often hypocritical, as the SEC has not made the necessary adjustments to the registration forms for this new technology," he said.Atkins also hinted that custody rules may need updating to allow funds and advisors to engage in self-custody under certain conditions and revealed that the agency may take a new approach to its "special purpose broker-dealer framework." Atkins indicated that the SEC may also consider whether to provide exemption relief for participants looking to bring new products to market. "I want to explore whether conditional exemption relief applies to registrants and non-registrants seeking to launch new products and services that may be incompatible with the current Commission rules and regulations," he said.