BlockBeats News: On May 13th, the newly appointed Chairman of the US Securities and Exchange Commission (SEC), Paul Atkins, announced on Monday that the agency will undergo significant changes in its approach to cryptocurrency regulation and outlined details related to issuance and custody. President Trump's nominee, Atkins, presented these plans at the SEC's Fourth Crypto Task Force Roundtable, demonstrating a vastly different approach to digital asset regulation compared to the previous administration.
The SEC has a new day, "Atkins said. Policy making will no longer rely on temporary enforcement actions. Instead, the committee will use its existing rule making, interpretation, and exemption powers to set standards suitable for the purpose of market participants
Atkins stated on Monday that he plans to develop guidelines for assets that are considered securities or "subject to investment contracts". He criticized Jensler's previous request for the company to visit the SEC, stating that the agency has adopted an "ostrich policy - perhaps hoping that cryptocurrency will disappear". It claims to be willing to talk to potential registrants, 'just come and visit', but at most this is just empty talk, and more often it is hypocritical because the SEC has not made necessary adjustments to the registration form for this new technology, "he said.
Atkins also hinted that custody rules may need to be updated to allow funds and advisors to participate in self custody under specific conditions, and revealed that the institution may adopt a new approach to its' Special Purpose Brokerage Proprietor Framework '. Atkins stated that the SEC may also consider whether to provide exemption relief for participants who wish to bring new products to the market. I hope to explore whether conditional exemption remedies apply to registered and unregistered individuals seeking to launch new products and services that may be incompatible with current committee rules and regulations, "he said.
