The Securities and Exchange Commission is on the verge of introducing a 'regulation crypto' that will outline its approach to overseeing the cryptocurrency industry, including distinguishing between transactions that may be classified as securities and those that are not, according to SEC Chair Paul Atkins. Speaking at an event hosted by Vanderbilt University and the Blockchain Association, Atkins stated that the proposed regulation is currently under review by the White House Office of Information and Regulatory Affairs, marking the final step before its publication. This rulemaking will focus on the Securities Act of 1933, addressing fundraising and startup exemptions, among other key issues.
Following his speech, Atkins mentioned that the SEC also plans to release its long-awaited innovation exemption soon, which aims to foster experimentation without disadvantaging established companies. He emphasized the importance of congressional support, noting that while the agency's rulemaking process is underway, a 'friendly Congress' would be beneficial. Atkins also stressed the need for audience engagement in the upcoming election, citing the example of Senator Bernie Moreno, to ensure that Congress remains supportive of the industry's development.