Washington, DC – The president of the Securities and Securities Commission (SEC), Paul Atkins, said his agency is launching “Crypto Project” with the aim of quickly starting the new cryptographic policies urged by President Donald Trump.
Atkins announced the new initiative in a Thursday speech at the America First Policy Institute, saying that the effort will be based on the recommendations of the president’s work group report issued Wednesday by the White House. He described it as “an initiative of the entire commission to modernize the rules and regulations of securities to allow US financial markets to move in the chain.”
“I have ordered the commission personnel to reduce clear and simple rules of the road for Crypto Asset
Distributions, custody and trade of public warning and comments, “said Atkins.” While the commission staff works to finish these regulations, the commission and its staff in the coming months will consider the use of interpretive, exempt and other authorities to ensure that archaic rules and regulations do not help innovation and entrepreneurship in the United States. “
Crypto as values
Atkins offered a rhetorical investment of the days when the president of the predecessor SEC, Gary Gensler, said that the vast majority of cryptocurrencies were probably values that needed to be supervised by the agency.
“Despite what the SEC has said in the past, most cryptographic assets are not values,” said Atkins. “But the confusion about the application of the ‘Howey Test’ has led some innovatives to treat prophylactically all cryptography assets as such.”
Although Congress continues to work on complex legislation that will define cryptographic values under a new law, Atkins suggested that your agency will move to start answering those questions now, working on “clear guidelines that market participants can use to determine whether a cryptographic asset is a security or subject to an investment contract.”
Even when the projects obtain a securities label, he argued that it should not be a “scarlet lyrics.”
For Crypto Securities, he said that “he asked the staff to propose disseminations of purpose, exemptions and safe ports, even for the so -called ‘initial offers of coins’,’ ‘Airdrops’ and network rewards.”
Atkins stressed Trump’s goal to establish a “golden age” for digital assets in the United States
“We will reserve the cryptographic businesses that fled from our country, particularly those that were paralyzed by the Crusade regulation by compliance with the previous administration and ‘Operation Chokepoint 2.0,” he said.
Read more: Donald Trump’s ‘Age of Golden’
Autocustody, Super applications
The president, who began working this year after his appointment of President Trump, also discussed in favor of the self -ustody of people’s cryptography assets.
“I deeply believe in the right to use a self -ocustial digital wallet to keep personal cryptography assets and participate in chain activities such as the rethinking,” he said. “However, some investors will continue to depend on the recorders of the SEC, such as stockbrokers and investment advisors, to keep assets in their name, and these companies are subject to additional regulatory requirements when they do.”
It also seemed to withdraw a routine criticism from Gensler that cryptographic companies offered too many often conflicting services within a single business. Atkins said he wants to “allow market participants to innovate with ‘super -apps'” that offer a “wide range of products and services under the same roof with a single license.”
That would include allowing multiple types of assets to be negotiated on a single platform, offering:
“A corridor corridor with an alternative negotiation system should be able to offer negotiation in encryption assets that are not safety along with cryptographic assets, traditional values and other services, such as participation and loans of cryptographic assets, without requiring more than fifty state licenses or multiple federal licenses.”
While the SEC Bajo Gensler and its predecessors took land as the most important regulator and executor in the cryptographic trade of the United States in recent years, the future supervision structure contemplated by Congress would probably raise the Commission of Commerce of Basic Futures of Basic Products to an outstanding role.
It is possible, then, that the Atkins Crypto project is less urgent, since the sister agency assumes some responsibilities.
Atkins added a defense of software developers, a point of particular interest in the week when Tornado developer Cash, Roman Storm, was defended in a criminal trial.
Atkins argued the importance of “protecting pure editors from the software code, drawing reasonable lines to distinguish intermediate and disinterproid activity, and create rational and viable rules of the road for intermediaries who seek to operate software systems in the chain.”
Update (July 31, 17:17 UTC): Add more speech details.
