Speed and haste. All actors in the American crypto space are eagerly awaiting a change in direction from the SEC following Gary Gensler's departure. However, one should not expect a revolution, and Paul Atkins' teams will not completely disregard the past in just a few weeks. Commissioner Hester Peirce has also reminded, for all intents and purposes, that the existing rules remain 'applicable' to companies wishing to venture into tokenization. Yes to RWAs, but not just any way.
Gary Gensler's departure has raised expectations regarding a policy change from the SEC on cryptocurrencies in the United States.
Hester Peirce reminded that the current rules remain applicable, despite the expected evolution of the regulatory framework.
The SEC maintains pressure on crypto companies
The change of president within the SEC of the United States raises hopes for a revision of its crypto policy, but that does not mean that everything is allowed.
Commissioner Hester Peirce – nicknamed 'Crypto Mom' – has just published a warning for companies considering distributing and trading tokenized securities.
She urges companies to discuss their potential tokenized offerings with SEC officials and reminds them of the obvious:
'Tokenized securities are still securities. However powerful blockchain may be, it does not have the magical ability to change the nature of the underlying asset.'
Hester Peirce, SEC Commissioner – Source: Press Release
Rules to be adapted to the specifics of blockchain
It must be said that the U.S. regulatory body is slow to propose an applicable regulatory framework for digital assets. This is probably why Hester Peirce felt the need to clarify certain points:
'The SEC is ready to work with market participants to develop appropriate exemptions and modernize the rules. When the unique aspects of a technology justify changes to existing rules or when regulatory requirements are outdated or unnecessary, we are ready to work with market participants to develop appropriate exemptions and modernize the rules.'
Hester Peirce, SEC Commissioner – Source: Press Release
Things seem to be evolving in the right direction, and the commission shows its pragmatic and sincere willingness to work with industry players.
This aligns with the various bills currently progressing through the legislative process, whether it's the GENIUS Act on stablecoins or the CLARITY Act. The latter should indeed clarify the roles of the SEC and the CFTC in the regulation of cryptocurrencies in the United States.
In a rapidly changing America, led by a president who sometimes rushes things, the commissioner, though openly crypto-friendly, wants to remind that there are rules. And until a new legal framework is established, 'the existing rules still apply.' One must not confuse speed with haste, and the crypto mom made sure to remind this.
