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The chairman of the SEC announces a plan to integrate cryptocurrencies and securities under one roof.
A comprehensive organizational revolution is moving forward as the U.S. Securities and Exchange Commission reveals bold plans to unify oversight of cryptocurrencies and securities, reduce bureaucracy, and embrace innovation in the market.
The chairman of the SEC announces a new era for cryptocurrencies while seeking unified market rules.
In his speech at the "SEC Speaks" conference on May 19, SEC Chairman Paul Atkins delivered a comprehensive critique of the agency's previous approach to cryptocurrency and digital asset markets, proposing a new direction focused on transparency, engagement, and updating regulatory frameworks. Atkins explained that the agency had failed to keep pace with innovation, often responding with enforcement instead of guidance. He recounted how cryptocurrency market participants were invited to meetings, only to later receive subpoenas, describing this as a deterrent to open dialogue and progress.
Atkins announced that the SEC is changing its course, stating:
It's a new day at the SEC. While I have directed the agency's staff in various policy divisions to begin drafting proposals related to cryptocurrency rules, staff continue to "clarify" through their statements at the agency level.
He stated that these provisional statements aim to bridge the regulatory gap until formal rules are established. Although this correspondence among staff is non-binding, Atkins emphasized its importance by saying: "While staff opinions are not rules or regulations of the agency, they may provide useful insights to the public. Ultimately, the agency bears the responsibility and must address these issues itself thoroughly to ensure that the public has clear rules to follow on the road."
As part of the structural reforms, Atkins' company proposed a significant operational shift that allows registered entities to manage both securities and non-securities within a unified regulatory framework. The chairman of the SEC explained:
I would like the agency to allow its registrants to hold and trade both securities and non-securities under one roof. Achieving this reality would reduce costs for investors, while allowing non-securities trading to enter a federally regulated environment quickly.
He added, "This will be a first step towards the possibility of achieving a "super application" reality in the end," thanking Commissioner Hester Peirce, the cryptocurrency working group, and trading and markets staff for their ongoing efforts. Atkins' remarks reflect a notable shift from the previous SEC leadership, which many in the cryptocurrency sector viewed as hostile and opaque. His speech indicates a new openness to dialogue and an acknowledgment of the need to develop existing frameworks to keep pace with rapidly evolving technology.
