Recent remarks from SEC Chairman Paul Atkins highlight a shift toward a more proactive approach to cryptocurrency regulation, focusing on modernizing outdated laws.
Shift Towards Supporting Innovation
Atkins confirmed multiple agency divisions are mobilized to position the U.S. as a global leader in cryptocurrency. He noted that the recently enacted GENIUS Act, a stablecoin bill, is a crucial step in this direction. He expects further legislative action in Congress on additional crypto-related bills.
Ripple Case Resolution and Its Impact
The conclusion of the high-profile SEC lawsuit against Ripple has reignited calls for clearer crypto regulations. Commissioner Hester Peirce emphasized that the ruling freed resources for the agency to focus on drafting clear rules. Atkins supported her view, stating the case's conclusion provides an opportunity to draft regulations that protect investors and foster innovation.
Project Crypto and Its Goals
The introduced Project Crypto aims to modernize outdated rules to keep pace with the rapidly evolving digital asset market. Atkins stressed that changes to rules governing asset custody are critical for building consumer trust in the market.
Changes in the SEC's approach, including the launch of Project Crypto and the resolution of the Ripple case, may signal a significant step toward a new regulatory climate that balances innovation with investor protections.
