- The new president of the SEC, Paul Atkins, urged the action of the congress to support the regulations of cryptography, declaring that a clear statutory support would help to approach the regulatory ambiguity which stifles innovation.
- Speaking during a Washington round table, Atkins underlined the need to modernize the care rules and create a transparent framework for financial systems based on blockchain.
- His comments coincide with the ongoing debates on the Fit21 bill, which would divide the surveillance of digital assets between the CFTC and the SEC.
The new president of the SEC, Paul Atkins, said that he would host the action of the congress to clarify the regulatory framework for digital assets.
Speaking during a public round table at the SEC headquarters in Washington, Atkins said:
It is always good to have the contribution of the congress; If there is a status to safeguard what we do, I think it’s better.
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Market innovation for efficiency
During the round table on Friday, the discussions were centered on the challenges that the depositaries of the cryptographies are confronted under current securities laws. Atkins wondered if the updates of the rules of custody under the exchange law, the law on advisers or the law on investment companies are necessary to correctly take into account cryptographic assets and blockchain systems.
Atkins, now serving his third mandate at the SEC, said that entrepreneurs using blockchain to modernize the financial sector “deserve clear regulatory rules” and stressed that the regulatory ambiguity must be addressed:
I expect enormous advantages of this innovation on the market for efficiency, cost reduction, transparency and attenuation of risks. Market players engage with this technology deserve clear regulatory rules of the road. Innovation has been suffocated for several years due to the uncertainty of the market and the regulation that unfortunately the dry has favored
Paul Atkins, president of the dry Atkins was sworn in as president of the SEC earlier this week after being confirmed by the Senate. During his oath, he described the priorities focused on promoting capital training, market efficiency and investor protection, while establishing a clear and transparent framework for digital assets.
The new president also congratulated and thanked Commissioner Pierce for her “advocacy in principle and tireless for common sense cryptographic policy in the United States”, according to remarks published on the official website of the SEC.
Deliberations on the question of whether the dry or the CFTC is best suited to regulate the cryptographic industry
His comments arise as legislators continue to debate the structure of a market bill which could determine whether the dry or the commodity future trading commission (CFTC) will serve as a main regulator for cryptocurrencies and other digital assets.
This bill is financial innovation and technology for 21st century law (Fit21), which aims to establish clear authority lines between the two agencies when it comes to supervising digital assets.
Mainly, the CFTC would take more control over a new category called “digital products”, and the SEC would focus on “restricted digital assets”, which are essentially those that are not decentralized or do not work on functional blockchain systems.
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