SEC Chair Paul Atkins Commits to Reforming Cryptocurrency Regulation
Commitment to Innovation
The new SEC Chair, Paul Atkins, has promised to reform cryptocurrency regulations, providing clear principles for the issuance, custody, and trading of cryptocurrency assets. He criticized the SEC's previous enforcement tactics and emphasized the need for a reasonable legal framework.
The Importance of Regulation
Atkins believes that the current SEC regulations are not suitable for blockchain. He advocates for the development of clear rules to support new technology, pointing out the necessity for improvements in how cryptocurrency assets are handled while still preventing bad actors.
Storage Capability Adjustment
He stated that the issue of cryptocurrency storage is one of the major regulatory challenges. Atkins proposed updating the rules to allow funds to self-custody assets where appropriate, replacing the current framework with a more practical system.
Trading Law Innovation
Atkins calls for the modernization of cryptocurrency trading rules, allowing platforms to handle both securities and non-securities, while reforming regulations to align with digital assets. He warns that excessive complexity will drive companies overseas, thus reasonable exemptions are needed.
Warning from Crenshaw
Conversely, Commissioner Caroline Crenshaw warns about the risks of Tokenization, noting that it can be misunderstood. She emphasizes that innovation must be genuinely useful, not just a trend.
Potential Benefits
Commissioner Mark Uyeda pointed out the benefits of Tokenization, such as enhancing market efficiency through smart contracts and better liquidity, unlocking great potential in the digital technology landscape.
Source: https://tintucbitcoin.com/chu-tich-sec-atkins-cong-bo-ke-hoach-cai-cach-tien-dien-tu/
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