In a key speech aimed at revitalizing the relationship between regulators and cryptocurrency markets, new Securities and Exchange Commission Chairman Paul Atkins outlined his vision for a more constructive regulatory environment.
Trust deficit between SEC and crypto industry
Talk to the capital market on Monday criticize He believes the last administration’s “law enforcement regulations” approach has stifled innovation and put the cryptocurrency industry in a state of uncertainty.
Atkins describes the SEC’s past strategy as a “smart” approach, initially hoping that the cryptocurrency market would disappear. Next comes a more aggressive “shooting and talking issues” approach where market participants often find themselves facing subpoenas instead of receiving guidance.
The new pro-Creatist chair stressed that this created a “Capture 22” (it was a tough situation, no escape situation – for those trying to navigate Regulatory landscape. He believes this leads to a lack of trust between the SEC and the crypto industry.
“The crypto market has shrunk in SEC Limbo for many years,” Atkins said in his prepared speech. He stressed the need for regulators to adjust existing rules to adapt to technological advancements, believing that the SEC should use its power to promote innovation rather than to get in the way.
He also advocated flexibility, noting: “Old ways of doing things should not be immutable.” Regulatory framework Better align with the ever-evolving nature of the digital asset market.
Plan to draft new digital asset rules
Atkins also highlighted the failure of former SEC leaders to facilitate open communication between employees and market participants, especially when complex legal issues arise.
To address this issue, Atkins directed the company’s financing department to maintain transparent interaction with the public, thus enabling more interaction Capital allocation And create a more collaborative environment.
As part of its commitment to the reform, Atkins announced that SEC staff are currently drafting rules related to cryptocurrencies. Meanwhile, he encourages employees to provide useful insights through informal FAQs, which, while not formal regulations, can help clarify industry concerns.
One proposal from Atkins includes allowing SEC registrants to guard and trade Securities and non-security Under one roof, he believes the move can simplify operations and reduce costs for investors. He envisioned it as a step in creating “super applications” that can integrate various financial services, making them easier to access.
Atkins summed up his speech and promised to prioritize innovation, noting that “we are back to the roots that promote rather than kill innovation.” He expressed optimism about the future direction of the SEC and its potential to enhance the investor market.
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