PANews reported on May 13 that according to The Block, the new chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, announced on Monday a major change in the agency's approach to cryptocurrency regulation and elaborated on plans involving issuance and custody, marking a "new era" for the agency. Atkins said at the SEC's fourth crypto working group roundtable that the agency will abandon the past practice of formulating policies through temporary enforcement actions and adopt a more systematic regulatory framework. Atkins criticized the previous government for adopting an "ostrich policy" and just shouting the slogan "Welcome to the SEC to talk" without adjusting basic requirements such as registration forms based on the particularity of crypto technology. Atkins revealed that the SEC is considering three key reforms: clarifying the identification standards for security tokens, updating custody rules to allow self-custody under certain conditions, and establishing a conditional exemption mechanism for new products.
The cryptocurrency industry has responded positively. Gene Hoffman, CEO of Chia Network, said this is the first time the SEC has publicly acknowledged the investment opportunities brought by public blockchain technology. It is worth noting that many crypto lawsuits initiated during Gensler's tenure have been withdrawn after he left office. Observers believe that this policy shift may lay the foundation for the Trump administration to promote the Crypto Innovation Act.
