The Securities and Exchange Commission is on the verge of introducing a new 'regulation crypto' that will outline its approach to the crypto industry, distinguishing between transactions that are considered securities and those that are not, as stated by SEC Chair Paul Atkins on Monday. Atkins revealed that the proposed regulation is currently awaiting review by the White House Office of Information and Regulatory Affairs, marking the final step before its publication. This regulatory framework will focus on the Securities Act of 1933 and address issues related to fundraising and startup exemptions.
Following his speech, Atkins mentioned that the SEC also plans to release its long-awaited innovation exemption soon, which aims to foster experimentation without unfairly disadvantaged established companies. He emphasized the importance of congressional support, encouraging the audience to participate in the upcoming election to ensure that crypto-friendly representatives are elected.
Atkins expressed confidence in the SEC's ability to move forward with its rulemaking process, despite potential congressional interference.