SEC Advances New Rules for Crypto Securities
The U.S. securities and Exchange Commission (SEC) is crafting new rules for crypto securities. SEC Chair Paul Atkins disclosed this at the agency’s Crypto Task Force roundtable on May 12.
Atkins explained that current regulations don’t suit the crypto industry. The new framework aims to create rational rules for crypto assets classified as securities. It will also safeguard consumers.
Atkins said, “My priority is to establish clear guidelines for issuing, holding, and trading crypto assets. We want to prevent illegal activities while encouraging innovation.”
Only four crypto issuers have registered under existing SEC rules. Atkins believes this is a regulatory failure, not an industry issue. He highlighted the industry’s innovative potential.
Tokenized securities can revolutionize markets, similar to how digital technology transformed music. Thay can automate dividends, enhance liquidity, and create new market structures.
This stance contrasts with the previous SEC Chair, Gary Gensler, who thought existing laws were adequate. The industry criticized these laws as too restrictive.
The SEC has set up a Crypto Task Force to address this.It’s led by Commissioner Hester Peirce, who supports crypto.
