At the OECD meeting in Paris, SEC Chairman Paul Atkins announced the beginning of a new era for cryptocurrencies and presented a new regulatory approach.
Paul Atkins' Speech at OECD Meeting
Paul Atkins, the chairman of the SEC, stated in his opening speech at the OECD roundtable held in Paris that a new era for cryptocurrencies has begun. He emphasized that most cryptocurrencies are not securities and noted that the SEC is leaving its past behind.
SEC's New Approach to Cryptocurrency Regulation
Atkins noted that the SEC has adopted an innovative approach, moving away from its previous enforcement-heavy methods. The regulator intends to provide clear guidelines that will ensure the successful future of the United States. Additionally, he announced the potential for "super apps" for virtual assets, which could combine trading, lending, staking, and multi-custodial services into one platform.
Critique and Future of Regulation
Atkins emphasized that regulators should only set the minimum rules necessary for investor protection, adding that regulations that are only affordable for large companies are no longer suitable. He praised Europe's Crypto Asset Markets (MiCA) regulation for its comprehensive approach, stating that the United States has learned much from European regulatory experiences. Atkins highlighted the importance of international cooperation to increase freedom and prosperity. > "The United States has also learned a lot from Europe's regulatory experience. We must create a more innovative market through international cooperation. If we work together, we can expand the realm of freedom and prosperity." CITE_NA
Paul Atkins' statements highlight the SEC's commitment to adapt to the changing cryptocurrency market and its readiness to implement more flexible regulations aimed at supporting innovation while protecting investors.
