US SEC Chairman Announces His Vision for Encrypted Regulation, The Agency Is Developing More Competitive Regulatory Policy

PANews May 13th news, according to The Block, the new chairman of the U.S. Securities and Exchange Commission (SEC) Paul Atkins announced on Monday the agency’s major changes in the cryptocurrency regulatory approach and elaborated on plans involving issuance and custody, marking a "new era" for the agency. Atkins said at the SEC's fourth roundtable meeting of the Crypto Task Force that the agency will abandon past practices of policy development through temporary enforcement actions and instead adopt a more systematic regulatory framework. Atkins criticized the former government for adopting the "ostrich policy", but simply shouted the slogan "Welcome to the SEC to chat", but did not adjust the registration form and other basic requirements for the special nature of encryption technology. Atkins revealed that the SEC is considering three key reforms: clarifying the recognition standards for securities tokens, updating custody rules to allow self-custody under specific conditions, and establishing a conditional exemption mechanism for new products.

The cryptocurrency industry responded positively to this. Chia Network CEO Gene Hoffman said this is the first time that the SEC has publicly recognized the investment opportunities brought by public chain technology. It is worth noting that many crypto lawsuits initiated during Gemsler's term have been revoked after he left office. Observers believe that this policy shift may lay the foundation for the Trump administration to push the Crypto Innovation Act.