SEC Chair Atkins Speaks at Highly Anticipated Cryptocurrency Meeting – Here Are the Details

Paul Atkins, the new chairman of the US Securities and Exchange Commission (SEC), announced that they will make a radical change in the regulations regarding crypto assets.Atkins, appointed by President Donald Trump, shared his vision for the new era at the SEC's fourth cryptocurrency working group meeting held today.“A new day has begun at the SEC,” Atkins said, adding that regulatory policies will no longer be shaped by random lawsuits and sanctions, but will instead be shaped by existing lawmaking, interpretation and exemption powers to create market-appropriate standards.Known for his positive approach to the cryptocurrency sector, Atkins has previously stated that digital assets could provide great benefits. The new president also expressed his readiness to work with members of Congress to create a supportive regulatory framework for cryptocurrencies.Related News: Following the Latest Update That Triggered a Rally in Ethereum, All Eyes Are Now on the Next Update - Here's the Date and DetailsAtkins said he plans to draft guidelines to determine whether crypto assets are securities or “subject to investment contracts.” Atkins argued that the Gensler era had “buried its head in the sand,” adding, “The SEC was telling companies to come in and register, but there was almost no regulatory effort specific to this technology.”Atkins also signaled that there could be an update to the custody rules. It was stated that in the new period, funds and advisors could be allowed to self-custody under certain conditions. He also announced that the “special purpose brokerage” framework could be reconsidered.The new president noted that conditional exemptions could also be considered for individuals and organizations that want to introduce new products and services to the market:“Such innovations may not always be compatible with current SEC rules. However, we are willing to evaluate exemption options under appropriate circumstances to provide dynamism to the market.”*This is not investment advice. Continue Reading: SEC Chair Atkins Speaks at Highly Anticipated Cryptocurrency Meeting – Here Are the Details