The new chair of the SEC signals a shift towards clearer, more collaborative cryptocurrency regulations.
More than 70 cryptocurrency ETF funds are awaiting SEC approval as market optimism soars.
The cryptocurrency industry begins the new week with high expectations for the U.S. SEC roundtable on May 12 regarding "Tokenization: Moving Assets on Chain."
This event is seen as a "springboard towards clarity in cryptocurrency," marking a turning point in regulatory discussions.
Innovators in digital assets and policymakers are engaging in deeper dialogues about key developments in the industry. Prior to the event, BlackRock met with the SEC's Crypto Task Force on May 9.
Discussions include staking mechanisms, tokenization infrastructure, and standards for cryptocurrency exchange-traded products.
Meanwhile, Charles Hoskinson of Cardano [ADA] announced a departure from the platform's traditional, cautious approach.
This new, flexible strategy aims for quick adaptation to evolving market conditions.
The SEC chair reveals the vision in the Crypto SEC roundtable meeting.
Meeting all expectations, SEC Chair Paul Atkins, in his speech, emphasized the importance of the event, declaring the start of a "new day" for cryptocurrency oversight and expressing the intention to establish a practical regulatory framework.
Notably, Atkins hinted at the possibility of rule changes allowing broker-dealers with alternative trading systems (ATS) to engage in transactions involving non-securities assets like Bitcoin and Ethereum.
Speaking on this, Atkins stated,
"A primary priority of my chairmanship is to develop a reasonable legal framework for the cryptocurrency asset market to establish clear rules for the issuance, custody, and trading of cryptocurrency assets, while continuing to prevent unlawful conduct."
Moreover, Atkins also laid out a transformative vision for U.S. cryptocurrency regulation.
Committing to abandon the aggressive approach of the previous agency, Atkins emphasized the need to move away from the "shoot first and ask questions later" mentality towards a clearer and more transparent framework.
He added,
"It's a new day at the SEC. Policy making will no longer come from random enforcement actions."
Existing challenges
Gene Hoffman, CEO of the Chia Network, captured the changing tone at the SEC as he described the agency's new leadership as "open and ready for business."
Hoffman added,
"Instead of solely focusing on risks, this SEC recognizes the significant opportunities that decentralized public blockchains create for investors."
This stands in stark contrast to the heavy-handed enforcement era under former Chair Gary Gensler, when crackdowns often shook the industry's development.
From here, although Atkins' presence has brought new hope, the road ahead remains complex.
Prolonged battles like the SEC and Ripple [XRP] and a larger pool of more than 70 ETF application filings awaiting approval, highlighted by Eric Balchunas of Bloomberg, underscore the remaining legal barriers.
Amid these developments, the cryptocurrency market continues to surge, with the global market capitalization reaching $3.4 trillion, reflecting both momentum and increasing expectations for regulatory clarity.
Source: https://tintucbitcoin.com/paul-atkins-dinh-huong-thi-truong-tien-dien-tu-ra-sao/
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