NASHVILLE, Tenn. — The Securities and Exchange Commission is on the verge of proposing a comprehensive "regulation crypto" to clarify its stance on the crypto industry, distinguishing between transactions that may be deemed securities and those that are not, according to SEC Chair Paul Atkins. Speaking on Monday, Atkins revealed that the proposed regulation, which focuses on the Securities Act of 1933, is currently under review by the White House Office of Information and Regulatory Affairs, indicating it is close to being published.
The rulemaking will address fundraising and startup exemptions, among other key issues. Following his question-and-answer session, Atkins informed CoinDesk that the SEC also plans to release its long-awaited innovation exemption soon. "We welcome feedback and reactions to this development," he stated.
"Although it's not a formal rule, we need to assess its functionality and identify any potential problems." Atkins emphasized that one aspect of this exemption is to avoid disadvantaging established companies while focusing on startups. "Our goal is to encourage experimentation within this framework," he explained. Atkins repeatedly highlighted the importance of Congress's role, noting that the SEC's rulemaking process is progressing despite potential congressional actions. "I believe we have sufficient time to move forward, regardless of the midterm election outcome — although a supportive Congress is preferable — they can create obstacles, but they won't significantly impede our progress," he said.
Atkins also urged the audience to engage in the upcoming election, citing Senator Bernie Moreno as an example. "If Congress deviates from its current course, it will not benefit anyone and will only create more uncertainty, leading people to wonder if this is just a passing phase," he said. "We must ensure that our allies are in Congress. The last election demonstrated the benefits of having supportive representatives."