NASHVILLE, Tenn. — The Securities and Exchange Commission is nearing the release of a comprehensive cryptocurrency regulation that will clarify its stance on the industry and differentiate between transactions that qualify as securities and those that do not, as announced by SEC Chair Paul Atkins on Monday.
The proposed regulation, currently under review by the White House Office of Information and Regulatory Affairs, focuses on the Securities Act of 1933 and will cover fundraising and startup exemptions, among other key issues, Atkins stated at an event co-hosted by Vanderbilt University and the Blockchain Association. Following his speech, Atkins informed CoinDesk that the SEC also plans to introduce its highly anticipated innovation exemption soon, seeking feedback on its functionality and potential problems.
A crucial aspect of this exemption is that it aims to avoid disadvantaging established companies while fostering experimentation among startups. Atkins emphasized the importance of congressional support, highlighting that the SEC's rulemaking process is progressing despite potential congressional actions.
He encouraged the audience to participate in the upcoming election, citing Senator Bernie Moreno as an example, to ensure that Congress remains supportive of the industry's development.