The Securities and Exchange Commission is on the verge of introducing a comprehensive 'regulation crypto' framework, outlining its approach to overseeing the cryptocurrency industry and distinguishing between transactions that may be considered securities and those that are not, as stated 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. This regulatory framework will focus on the Securities Act of 1933, addressing fundraising and startup exemptions, among other key issues. Following his speech, Atkins informed CoinDesk that the SEC also plans to release its highly anticipated innovation exemption soon, seeking feedback on its functionality and potential areas of concern.
A crucial aspect of this exemption is that it aims to create a level playing field, avoiding any disadvantage to existing companies while fostering a supportive environment for startups to experiment and innovate. Atkins emphasized the importance of congressional support, stating that the SEC's rulemaking process is well underway, regardless of potential congressional actions. He encouraged the audience to engage in the upcoming election, citing the example of Senator Bernie Moreno, and warned that a shift in congressional direction could lead to increased uncertainty and hinder progress in the industry.