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 'reg crypto' rule, currently under review by the White House Office of Information and Regulatory Affairs, aims to clarify the distinction between securities transactions and non-securities transactions.
Atkins revealed that the commission's new rulemaking will focus on the Securities Act of 1933, covering fundraising and startup exemptions, among other key issues. The SEC Chair also hinted at the imminent release of a long-awaited innovation exemption, designed to foster experimentation without unfairly disadvantaging established companies.
Atkins emphasized the importance of congressional support, urging the audience to engage in the upcoming election to ensure a favorable regulatory environment.