SEC Chairman Advocates for U.S. DeFi Advancement Amidst an 8% Surge in Ethereum Prices

SEC Chairman, Paul Atkins, at the regulator's latest Crypto Task Force Roundtable, discussed the American values embedded within the DeFi movement and criticized the application of outdated regulatory frameworks to DeFi and blockchain innovation. Atkins clarified that participation in a proof-of-work or proof-of-stake network as a miner, validator, or staking-as-a-service provider is not within the scope of federal securities laws.

He also proposed an "innovation exemption" framework for expedited market entry of on-chain products and services. Furthermore, he encouraged greater flexibility for market participants to self-custody crypto assets, stating that publishing staking code or wallet software isn't brokerage activity. This news coincided with a surge in Ethereum prices, which increased by 8% from below $2,500 to $2,720 during the Tuesday morning Asian trading session.