According to PANews, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins addressed the SEC Speaks conference, highlighting the agency's past passive stance on cryptocurrency regulation. Atkins criticized the previous "ostrich policy" approach, which shifted to enforcement before accountability, resulting in a lack of trust. He emphasized the need for regulatory bodies to engage actively with the market and adapt rules to accommodate new technologies. Despite the SEC's stated willingness to communicate with potential registrants, regulatory requirements have not been adjusted, and leadership has historically hindered staff from discussing complex legal issues with market participants. Atkins has now directed the Division of Corporation Finance to engage transparently with the public.
The SEC's policy divisions are currently drafting proposals for cryptocurrency-related rules, although staff members continue to address obstacles through staff-level statements, such as FAQs issued by the Division of Trading and Markets. While these staff opinions do not constitute official rules or regulations, they offer valuable insights to the public. Atkins also expressed a desire for the commission to allow SEC registrants to custody and trade both securities and non-securities under one roof. Additionally, he has requested congressional approval to reallocate funds to integrate the Strategic Hub for Innovation and Financial Technology (FinHub) into other SEC departments. This move aims to embed innovation into the SEC's core culture, as FinHub is currently viewed as an enforcement tool with limited scale and efficiency.