The Securities and Exchange Commission is nearing the release of a proposed 'regulation crypto' that will outline its approach to overseeing the cryptocurrency industry. This regulation will help clarify the distinction between transactions that are considered securities and those that are not.
SEC Chair Paul Atkins announced on Monday that the proposal is currently under review by the White House Office of Information and Regulatory Affairs, putting it one step away from publication. The regulation will focus on the Securities Act of 1933 and will address issues related to fundraising and startup exemptions.
Atkins also mentioned that the SEC plans to introduce an innovation exemption soon, which will allow for experimentation within a specified framework without disadvantaging established companies. The exemption is intended to support startups and promote innovation in the industry.
Atkins emphasized the importance of congressional support for the SEC's rulemaking process, stating that a friendly Congress would be beneficial but not essential for the agency's progress. He encouraged the audience to engage in the upcoming election and support representatives who understand the importance of a clear regulatory framework for the cryptocurrency industry.