“In the coming months, I anticipate the Commission will consider establishing a symbolic taxonomy” rooted in legal reasoning that distinguishes securities from commodities, SEC Chairman Paul Atkins said, according to prepared remarks. This will recognize that there are “limiting principles in our laws and regulations”, he added.
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The statement delivered at an annual fintech gathering at the Federal Reserve Bank of Philadelphia promises to address key demands from the ascendant crypto industry, which under the previous administration had long sought greater clarity on the SEC’s jurisdiction.
US President Donald Trump embraced cryptocurrency after courting industry money during his election campaign, and pledged to overhaul regulations that big crypto companies have long decried.
In his speech, Atkins also said he expected the Commission to consider a “set” of exemptions allowing a “tailored offering regime” for digital assets legally considered securities because they are subject to investment contracts. This would correspond to legislation currently being developed in Congress.
Atkins also echoed President Donald Trump’s call for lawmakers to pass legislation on crypto market structure before the end of this year.
Reporting by Douglas Gillison in Washington and Hannah Lang in New York Editing by Rod Nickel
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