The Securities and Exchange Commission is on the verge of introducing a 'regulation crypto' that will clarify its stance on overseeing the cryptocurrency industry, distinguishing between transactions that may be considered securities and those that are not, as announced by SEC Chair Paul Atkins on Monday. Atkins revealed that the proposed regulation is currently under review by the White House Office of Information and Regulatory Affairs, indicating it is one step away from publication. The rulemaking will focus on the Securities Act of 1933, addressing fundraising and startup exemptions, among other issues.
Following his speech, Atkins shared with CoinDesk that the SEC also plans to release its highly anticipated innovation exemption soon, seeking feedback on its functionality and potential problems. A key aspect of this exemption is that it will not disproportionately favor incumbents over startups, instead encouraging experimentation within the given framework.
Throughout his talk, Atkins emphasized the importance of Congressional involvement, stating that the SEC's rulemaking process is well underway, regardless of potential Congressional actions. He urged the audience to participate in the upcoming election, citing Senator Bernie Moreno as an example, to ensure that Congress remains supportive of the crypto industry's development.