US SEC Chairman Announces Vision for Crypto Regulation, Agency Developing More Friendly Regulatory Guidelines

According to The Block, the new Chairman of the US Securities and Exchange Commission (SEC), Paul Atkins, announced a significant change in the agency's approach to cryptocurrency regulation on Monday, detailing plans involving issuance and custody, marking a "new era" for the agency.

Atkins stated at the SEC's fourth Crypto Working Group roundtable that the agency will abandon its past practice of setting policy through ad-hoc enforcement actions, and instead adopt a more systematic regulatory framework. Atkins criticized the previous administration for adopting an "ostrich policy," merely chanting the slogan "welcome to talk to the SEC," without adjusting basic requirements such as registration forms to the specific characteristics of crypto technology.

Atkins revealed that the SEC is considering three key reforms: clarifying the criteria for identifying security tokens, updating custody rules to allow self-custody under specific conditions, and establishing a conditional exemption mechanism for new products.

The Cryptocurrency industry has reacted positively. Chia Network CEO Gene Hoffman stated that this is the first time the SEC has publicly acknowledged the investment opportunities presented by public chain technology. It is worth noting that several crypto lawsuits initiated during Gensler's tenure have been dropped after his departure. Observers believe that this policy shift may lay the foundation for the Trump administration to promote the Crypto Innovation Act.