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Key Takeaways from the SEC Crypto Roundtable

The US Securities and Exchange Commission (SEC) recently hosted a crypto roundtable, "DeFi and the American Spirit," where Chairman Paul Atkins shared his views on decentralized finance and crypto regulations ¹.

- *Support for Self-Custody*: Atkins emphasized that the right to self-custody of private property is a "foundational American value" that shouldn't change even on the internet. He advocates for greater flexibility for market participants to self-custody crypto assets, especially when intermediation imposes unnecessary costs or restrictions.

- *Regulatory Framework*: Atkins directed the staff to explore whether further guidance or rulemaking is needed to enable registrants to transact with software systems in compliance with applicable law. He's open to revising century-old regulatory frameworks to accommodate innovative technologies.

- *Innovation Exemption*: The SEC chair proposed a conditional exemptive relief framework or "innovation exemption" to allow registrants and non-registrants to bring on-chain products and services to market. This could fulfill President Trump's vision of making America the "crypto capital of the planet".

Diverse Perspectives

The roundtable discussion featured various stakeholders, including industry experts and regulators, who debated topics such as ²:

- *Custody Rules*: Commissioner Caroline Crenshaw emphasized the need for robust, bespoke custody rules for crypto assets to protect investors from unique risks like hacks and smart contract bugs.

- *Regulatory Clarity*: Commissioner Hester Peirce urged the SEC to update and clarify crypto-specific rules to support innovation while ensuring investor protection.

Market Impact

The crypto market reacted positively to the SEC roundtable, with major cryptocurrencies like Bitcoin and Ethereum showing gains. The global crypto market cap increased by 2.31% to $2.99 trillion, with a 9.73% rise in trading volume ².