The Securities and Exchange Commission is on the verge of proposing a comprehensive regulatory framework for the cryptocurrency industry, SEC Chair Paul Atkins announced on Monday. The proposed regulation, currently under review by the White House Office of Information and Regulatory Affairs, aims to clarify the distinction between transactions that constitute securities and those that do not.
Atkins emphasized that the regulation will focus on the Securities Act of 1933 and will address issues related to fundraising and startup exemptions. Additionally, the SEC plans to introduce an innovation exemption, which will enable experimentation within a predefined framework without disadvantaged incumbents. Atkins stressed the importance of congressional support, encouraging the audience to engage in the upcoming election to ensure a favorable regulatory environment.