The Securities and Exchange Commission is on the verge of introducing a comprehensive regulatory framework for the cryptocurrency industry, SEC Chair Paul Atkins announced on Monday. This framework, which has been submitted to the White House Office of Information and Regulatory Affairs for review, aims to clarify the distinction between transactions that qualify as securities and those that do not. Atkins emphasized that the proposal will focus on the Securities Act of 1933 and address various issues, including exemptions for fundraising and startups. The SEC Chair also indicated that the agency plans to release its highly anticipated innovation exemption soon, which will allow for experimentation within a predefined framework without disadvantaging established companies.
Atkins stressed the importance of congressional support, urging the audience to engage in the upcoming election to ensure that crypto-friendly representatives are elected to Congress.