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The Chair of the U.S. Securities and Exchange Commission (SEC) is hoping to continue crypto’s upward momentum under the current administration.
In a new interview with Fox Business, Paul Atkins confirms that the regulator’s new approach will involve working with other regulators, such as the Commodity Futures Trading Commission (CFTC), to foster the growth of digital asset innovation.
“The Genius Act, which was enacted by Congress and the President back about – again, about a month or so ago, that was a huge step forward. That applied to stablecoins. That’s the first time the United States government and the United States in statutory form recognized a digital asset like stablecoins. I think that was great.
We need to focus on the market structure aspect so there is certainty in the marketplace and direction for the SEC and the CFTC to work together. I anticipate joint rulemaking, so that way we can try to future-proof these rules and the relationships from some rogue regulator or something in the future. That’s my goal.”
When asked about the SEC’s recent approval of the Grayscale Digital Large Cap Fund, Atkins says that the exchange-traded fund (ETF) is an example of how the new leadership will foster innovation.
“That’s another example of how we can move forward. We can allow generic listing standards – that’s what that big step was – where there’s more certainty. It’s not just an ad hoc type of approach, but we’re trying to give the marketplace some kind of stable platform upon which they can introduce new products. So that’s a great example.
We’re going to be working on that. We’ll be doing rulemaking in the coming months. We’re looking for innovation exemption to try to get that in place by year-end. So there’s a lot going on, and I’m really very excited about this opportunity to make this industry in America stand on firm ground so that America can lead with innovation as the President’s called for.”
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