The newly sworn SEC president Paul Atkins called for a complete overhaul of the regulatory framework of the Crypto agency, warning that the outdated rules and the heavy application of the application have smothered innovation for years.
Speaking during the third round table of the Crypto working group in Washington, DC, ATKINS said that the current regulatory environment “needed attention”, highlighting the urgent need for a “rational and adjusted framework for use” which can promote responsible innovation while protecting investors.
Atkins said in its opening remarks:
“Innovation, unfortunately, has been suffocated for several years due to the uncertainty of the market and regulations that, unfortunately, the SEC favored.”
Atkins, who officially took office earlier this week after being appointed by President Donald Trump and confirmed by the Senate, used his first major public appearance to issue a lively criticism from the previous management of the dry under former president Gary Gensler.
Under peopleler, the agency continued an aggressive approach to “regulation by application”, depositing prosecution against large crypto companies, including Coinbase and Binance.
Turn the page
During the leadership of peopleler, the SEC launched high -level prosecution against digital asset companies, arguing many tokens qualified as unregistered titles. However, under the acting president Mark Uyeda, the agency began to retreat from several application measures.
Atkins said that the SEC would continue to collect information through a series of round tables organized by its cryptographic working group to build a more coherent regulatory framework. The gustotian Know Your Round Table is the third of the five planned sessions focused on the formatting of the Cryptography and Protections of Investors.
Back at the SEC for his third term after being a commissioner previously from 2002 to 2008, Atkins positioned himself as an ardent defender of innovation and modernization of the market.
Former executive and entrepreneur of Wall Street, he is recognized for his deregulating philosophy and his pro-Crypto position, offering a striking contrast with the more conflictual approach of the previous administration towards industry.
Atkins said its main priorities as 34th agency president include capital training facilitation, maintenance of fair and ordered markets and investor protection, while ensuring that the United States remains the best and surest place for investment and entrepreneurship.
New term
Atkins is committed to collaborating with the Congress, the colleagues commissioners, the participants in the industry and the Trump administration to write clear and achievable rules for the digital asset sector.
He stressed that entrepreneurs building blockchain solutions to modernize the financial system “deserve clear regulatory rules”, stressing that market ambiguity hinders economic growth and innovation.
The Cryptographic Round Tables of the SEC, led by Commissioner Hester Peirce, are intended to collect information on the industry to shed light on future policies.
During the April 25 session, participants focused on the problems of childcare and if the existing rules under the law on exchange, the law on investment advisers or the investment companies law must be revised to accommodate the unique characteristics of blockchain technology.
Atkins praised Peirce for his “advocacy in principle and tireless for common sense cryptography policy”, calling it “the right person to direct the effort” to create a full regulatory framework for industry.
