According to U.S. Securities and Exchange Chair Paul Atkins, the highly influential regulatory agency will be prioritizing clarity around cryptocurrency regulation.
Under Chair Atkins, the regulator has dropped the controversial “regulation by enforcement” approach that was widely used by former SEC boss Gary Gensler.
The SEC will address such issues as cryptocurrency offerings and sales, custody rules, as well as trading.
At the same time, Atkins has stressed that the SEC will have no tolerance for fraud or misconduct.
“Project Crypto”
The most recent outline of the SEC’s rulemaking agenda comes after the agency announced its “Project Crypto” initiative back in July. It is meant to create a more welcoming environment for crypto with modern rules.
The initiative will focus on such particular issues as classifying cryptocurrency tokens, updating custody rules, embracing decentralized finance, and cross-agency collaboration, among other important priorities.
Beyond crypto
Apart from crypto, the agency will also focus on making compliance less burdensome while also democratizing assets to private markets.
The current rules have to be updated in order to reach a higher level of efficiency.
The SEC is currently working on scrapping the rules introduced during Genesler’s term that do not align with the vision of the current administration.
