According to the website - By 36crypto
According to recent comments on Fox Business, SEC Chairman Paul Atkins confirmed that efforts are being mobilized by various agencies to take leading positions in the field of cryptocurrencies. This aligns with the 'Project Crypto' initiative – an attempt to modernize regulation to keep pace with the rapidly evolving market of digital assets.
Atkins noted that the recent passage of the GENIUS Act, a key bill on stablecoins, was a significant step. He also stated that other cryptocurrency-related bills are under consideration in Congress and believes that additional legislative measures will be adopted.
Since Atkins took over from former chairman Gary Gensler in April, he has emphasized the need for clearer guidance for innovators. He added that regulators hold inconsistent positions, making it difficult for lawyers to provide clients with definitive advice. He also stated that the SEC is trying to turn the situation around.
The storage of digital assets has also been one of his priorities. He believes that rules written nearly a hundred years ago need to be amended to ensure the safe storage of investors' assets. According to him, these changes are critically important for building trust in the market.
Commissioner Hester Peirce also emphasized that the SEC already has sufficient authority for significant changes in the cryptocurrency field without the need for new laws. She believes that existing frameworks can be significantly improved.
The conclusion of the high-profile SEC lawsuit against Ripple has intensified calls for stricter cryptocurrency regulation. Peirce was satisfied with this decision as it freed the agency from the resources needed to develop clear rules. According to her, certainty in the regulatory sphere is paramount for businesses and investors.
Atkins publicly supported her view, stating that the conclusion of the case allows for the development of rules that will protect investors and foster innovation. Both officials noted that public consultations, collaboration with other regulators, and closer interaction with the crypto industry may be conducted in the future.
The launch of Project Crypto and the conclusion of the Ripple case have become turning points in the SEC's approach to digital assets. As part of legislative initiatives and internal reforms, the agency aims to create a regulatory framework that combines innovation with robust investor protection.
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