The US Securities and Exchange Commission is on the verge of introducing a new regulatory framework for the cryptocurrency industry, SEC Chair Paul Atkins announced on Monday. This upcoming proposal, dubbed 'reg crypto', aims to clarify the agency's approach to overseeing crypto transactions and distinguishing between those that qualify as securities and those that do not.
Atkins revealed that the proposal is currently under review by the White House Office of Information and Regulatory Affairs, marking the final step before its publication. The new regulation will focus on the Securities Act of 1933, addressing issues such as fundraising and startup exemptions. Additionally, the SEC plans to introduce an innovation exemption, which will enable experimentation within a predefined framework without disadvantaging established companies. Atkins emphasized the importance of congressional support, encouraging the audience to engage in the upcoming election to ensure a favorable regulatory environment for the crypto industry.