In an important address aimed at revitalizing the relationship between regulators and the cryptocurrency market, the chairman of the American Security Commission and the exchange commission (SEC), Paul Atkins, described his vision of a more constructive regulatory environment.
Confidence of confidence between dry and crypto industry
Addressing the capital markets on Monday, Atkins critical The “application by application” approach of the previous administration, which, according to him, has stifled innovation and left the cryptographic industry in a state of uncertainty.
Atkins has described the past strategies of the dry as a “head in the sand” approach, initially hoping that the cryptography market would simply disappear. This was followed by a more aggressive method “shoot-attit-And-Ask-Later”, where market players have often found themselves in front of assignments rather than receiving advice.
The new Pro -Crypto chair stressed that it had created a “wrestling” – a difficult situation from which there is no escape – for those who try to sail in the regulatory landscape. He thinks that this has led to a lack of confidence between dry and cryptographic industry.
In his prepared remarks, Atkins said: “Cryptographic markets have long languished in dry limbo.” He underlined the need for regulators to adapt the existing rules to adapt to technological progress, arguing that the dry should use its authority to promote innovation rather than prevent it.
“Old ways of doing things should not be immutable,” he also noted while pleading for flexibility in regulatory executives To better align yourself with the evolution of the nature of the digital asset market.
Plans to write new digital asset rules
Atkins also underlined the failure of the DRI management to facilitate open communication between staff and market players, especially when complex legal issues have arisen.
To remedy this, Atkins ordered the finance division of companies to maintain transparent interactions with the public, allowing more agile capital allowance and promote a more collaborative environment.
As part of his commitment to the reform, Atkins announced that the SEC staff are currently writing the proposals for rules related to cryptocurrency. Meanwhile, he encouraged staff to provide useful information through the informal FAQ, which, although not formal regulations, can help clarify the concerns of the industry.
One of Atkins’s proposals includes the SEC registrants to the custody and the discussion both Titles and non-security Under one roof, a decision which, according to him, could rationalize operations and reduce costs for investors. He envisages this as a step towards the creation of a “super-application” which could integrate various financial services, which makes them more accessible.
Atkins concluded its address with a promise to prioritize innovation, declaring: “We return to our promotion roots rather than stifling innovation.” It expressed its optimism as to the future orientation of the dry and its potential to improve the investor market.
Dall-e star image, tradingView.com graphic
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