NASHVILLE, Tenn. — The Securities and Exchange Commission is on the verge of introducing a comprehensive 'reg crypto' framework, which aims to clarify its stance on the crypto industry and distinguish between securities transactions and non-securities transactions, as stated by SEC Chair Paul Atkins on Monday.
The proposed regulation, currently under review by the White House Office of Information and Regulatory Affairs, focuses on the Securities Act of 1933 and will tackle fundraising and startup exemptions, among other key issues, Atkins revealed at an event co-hosted by Vanderbilt University and the Blockchain Association. Following his question-and-answer session, Atkins informed CoinDesk that the SEC also plans to release its highly anticipated innovation exemption soon, seeking feedback on its effectiveness and potential areas for improvement. A crucial aspect of this exemption is its commitment to creating a level playing field, avoiding undue disadvantages to established companies while fostering experimentation and innovation among startups.
Atkins emphasized the importance of congressional support, noting that the SEC's rulemaking process is well underway, regardless of the upcoming midterm elections. He urged the audience to engage in the electoral process, citing Senator Bernie Moreno as an example, and warned that a lack of supportive lawmakers could hinder progress and create uncertainty about the future of the crypto industry.