Mr. Paul Atkins, Chairman of the Securities and Exchange Commission (SEC), outlined the agency's plan to restructure its cryptocurrency policy. Mr. Atkins announced this intention on Monday during a public meeting of the SEC's cryptocurrency task force, stating that he intends to establish guidelines for the distribution of cryptocurrency tokens considered securities. He also mentioned the possibility of reviewing additional exemptions.
Mr. Atkins's vision for the SEC includes potential amendments to the agency's regulations to allow registered broker-dealers with alternative trading systems (ATS) to facilitate trading of non-security assets such as bitcoin or ether, the two largest cryptocurrencies.
Mr. Atkins emphasized that a primary priority during his chairmanship will be to develop a reasonable regulatory framework for the cryptocurrency asset market. This framework will establish clear rules for the issuance, custody, and trading of cryptocurrency assets while continuing to prevent bad actors from violating the law.
After being sworn in last month, Mr. Atkins stated that his top priority as Chairman of the SEC would be to establish a solid foundation for digital assets and to keep politics separate from securities law.
The SEC's cryptocurrency task force, led by Ms. Hester Peirce, a Republican SEC Commissioner, is responsible for developing rules and guidelines for the cryptocurrency sector.