#CryptoRoundTableRemarks
The CryptoRoundTableRemarks refer to the comments made by SEC Chairman Paul Atkins during a recent roundtable discussion on decentralized finance (DeFi) and crypto custody. Here are the key points from his remarks ¹ ²:
- *Support for Crypto Custody*: Chairman Atkins expressed his support for crypto custody and self-custody, stating that the right to have self-custody of one's private property is a "foundational American value" that shouldn't change even on the internet.
- *Flexibility for Market Participants*: Atkins emphasized the need for greater flexibility for market participants to self-custody their crypto assets, especially when intermediation imposes unnecessary transaction costs or restrictions on staking or on-chain activities.
- *Regulatory Framework*: He highlighted the importance of establishing a rational regulatory framework for crypto assets, citing the potential benefits of blockchain technology for efficiency, cost reduction, transparency, and risk mitigation.
- *Guidance on DeFi Activities*: Atkins directed the SEC staff to determine whether further guidance is needed on DeFi activities and self-custody, and to consider amendments to the Commission's rules and regulations to accommodate issuers and intermediaries who seek to administer on-chain financial systems.
- *Conditional Exemptive Relief Framework*: He also proposed a conditional exemptive relief framework or "innovation exemption" that would allow registrants and non-registrants to bring on-chain products and services to market, aligning with President Trump's vision to make America the "crypto capital of the planet".
The roundtable discussion, titled "DeFi and the American Spirit," focused on the challenges SEC registrants face when attempting to safely custody crypto assets for their customers in compliance with federal securities laws. The discussion also touched on topics such as ³ ¹:
- *Smart Contracts*: The potential need for new rules and regulations on smart contracts and token governance.
- *Tokenized Securities*: