During a roundtable in Paris, SEC Chair Paul Atkins discussed a new approach to cryptocurrency regulation and the integration of blockchain activities.
New SEC Initiative
Paul Atkins emphasized that "most crypto tokens are not securities," presenting an initiative aimed at establishing a unified regulatory framework for crypto assets. He stated that policy will no longer be set by ad hoc enforcement actions and that SEC intends to provide clear, predictable rules for investors. "It is a new day at the SEC," Atkins remarked.
Concept of Super Apps
SEC is considering allowing platforms to operate as "super apps" that can facilitate trading, lending, and staking of digital assets under one regulatory umbrella. Atkins believes these platforms should have the flexibility to offer multiple asset custody solutions. "I believe regulators should provide the minimum effective dose of regulation needed to protect investors, and no more," he added.
EU's Regulatory Approach
Meanwhile, the European Banking Authority (EBA) has finalized new rules requiring EU banks to hold more capital against unbacked cryptocurrencies like Bitcoin and Ether. The EBA adopts a conservative approach, imposing a high risk weight on unbacked assets, while in the US, more flexible rules are in place for banks.
SEC's updated approach to cryptocurrency regulation may foster greater innovation in the market and international cooperation, thereby creating a safer and more predictable environment for investors.
