Paul Atkins, Chairman of the US Securities and Exchange Commission (SEC), delivered important messages regarding crypto asset regulation.
Speaking at the “Digital Assets and Emerging Technologies Summit” held at Vanderbilt University, Atkins announced that new regulatory steps for token funding and the DeFi space will be on the agenda soon.
Atkins stated that they are working on a new regulatory framework that will specifically cover fundraising processes via tokens. Accordingly, the new regulation, called “Reg Crypto,” will be prepared under the Securities Act of 1933 (’33 Act), one of the fundamental securities laws in the US, and will be opened to public consultation soon.
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However, Atkins also announced that a new regulatory approach is on the way for projects operating in the decentralized finance (DeFi) space. According to the announcement, a regulation called the innovation exemption will be introduced under the Securities Exchange Act of 1934 (‘34 Act). This exemption could allow DeFi projects to operate in a more flexible regulatory environment under certain conditions.
In his speech, Atkins drew attention not only to regulations but also to the political process, calling on the crypto community to take an active role in the upcoming elections. Arguing that the future regulatory approach to crypto assets will largely depend on voter behavior, Atkins indicated that the direction of the sector will be determined at the ballot box.
*This is not investment advice.