SEC Advances New Rules for Crypto Securities
The U.S.Securities and Exchange Commission (SEC) is crafting new rules for crypto securities. SEC Chair Paul Atkins disclosed this at the Crypto Task Force roundtable on May 12. The new regulations will target crypto assets classified as securities.
Atkins noted that existing rules don’t suit the crypto industry. The aim is to create a rational framework that protects consumers while fostering innovation. “We want to set clear guidelines for issuing, holding, and trading crypto assets,” Atkins explained. “This will help good players while deterring bad actors.”
Only four crypto issuers have registered under current SEC rules.Atkins believes this is a regulatory failure, not an industry issue. He highlighted the industry’s innovative potential,likening tokenized securities to the digital music revolution. These securities can automate dividends and unlock liquidity.
This shift contrasts with the stance of former SEC Chair Gary Gensler, who thoght existing laws were adequate. The industry viewed these laws as too restrictive. the SEC has set up a crypto Task Force, led by Commissioner Hester Peirce, to address this. Peirce is known for her crypto-friendly views.
