The new president of Securities and Exchange American Commission (SEC) says that he favors the development of new regulations for the program, guard and trade in cryptographic assets.
Paul Atkins, who was sworn in as the president of the SEC in April, met during the round table of the working group on the commission crypto on the tokenization this week.
The new president indicates that the “inherited rules and regulations” of the SEC do not consider the new cases of using blockchain technology.
“For the United States to be the” cryptographic capital of the planet “as planned by President Trump, the Commission must keep the pace of innovation and determine whether regulatory changes are necessary to adapt to securities and other cryptographic assets. Rules and regulations designed for dear titles can be incompatible with or useless for hen assets and strengthening the growth of blocking technology.
A key priority of my presidency will be to develop a rational regulatory framework for the markets of cryptographic assets which establishes clear rules of the road for issuing, custody and trade in cryptographic assets while continuing to discourage bad actors from violating the law. »»
In terms of issuance, Atkins says that he will order the SEC managers to write “clear and sensible directives” for distributions of cryptographic assets which are securities or subject to an investment contract.
“I have asked the committee staff to examine whether additional advice, registration exemptions and safe ports are necessary to create pathways for cryptographic asset emissions in the United States. I think that the commission has a large discretion under acts of securities to welcome cryptographic industry, and I intend to do so. ”
He also wants to provide a “greater optionality” in terms of keeping the crypto.
“It is important to clarify the types of guardians who are considered to be a” qualified guardian “under the law on advisers and investment companies, as well as reasonable exceptions of qualified guard requirements to adapt to certain common practices in the crypto asset markets. Consequently, childcare rules may have to be updated to allow advisers and funds to engage in self-care in certain circumstances. »»
In addition, the new SEC president claims that he supports brokers who wish to offer non -security securities and services and other financial services in the same application.
“Nothing in federal laws on securities prohibits brokers recorded with another trading system to facilitate non-security exchanges, in particular via` `pairs ” between titles and non-security. I asked the staff to help us design ways to modernize the ATS (alternative trade system of the negotiation system) to better accommodate crypto assets. ”.
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