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U.S. SEC Chairman: Will draft rule proposals related to cryptocurrency, unafraid of innovation in the cryptocurrency space

ChainCatcher news, SEC Chairman Paul Atkins stated at the SEC conference, "The crypto market has been in a gray regulatory area of the SEC for years. Initially, the SEC adopted what I call an 'ostrich policy'—perhaps hoping the crypto industry would disappear on its own. Later, the policy shifted to a 'shoot first, ask questions later' enforcement-style regulation. The so-called slogan of 'welcome to chat' often actually means 'welcome to receive a subpoena.' This presents a dilemma for market participants. Such an environment cannot build trust. The underlying message is: 'You guess for yourself.'I have recently instructed the Division of Corporation Finance to maintain transparent communication with the public. When regulators can engage in open dialogue with the industry, market participants can act more flexibly and allocate capital more effectively to productive uses. Today marks a new starting point for the SEC. I have directed the staff in the policy department to begin drafting rule proposals related to cryptocurrencies. Meanwhile, the staff is still 'clearing obstacles' through departmental statements.I hope the Commission allows SEC-registered entities to simultaneously host and trade both securities and non-securities assets on one platform. This will help reduce costs for investors and enable non-securities trading to quickly enter the federal regulatory environment. In response to innovation trends and the progress of the crypto working group, we have requested Congress to reallocate the budget to integrate the SEC's 'Innovation and Financial Technology Strategic Center (FinHub)' functions into other parts of the agency."
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