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U.S. Securities and Exchange Commission (SEC) chairman Paul Atkins thinks most crypto assets won’t fall under his purview.
In a speech to the inaugural OECD Roundtable on Global Financial Markets this week, Atkins says the SEC needs to provide certainty regarding the security status of crypto assets.
“Most crypto tokens are not securities, and we will draw the lines clearly. We must ensure that entrepreneurs can raise capital on-chain without endless legal uncertainty. And we must allow for ‘super-app’ trading platform innovation that increases choice for market participants. Platforms should be able to offer trading, lending, and staking under a single regulatory umbrella. Investors, advisers, and broker-dealers should have freedom to choose among multiple custody solutions as well.
Meanwhile, in keeping with the recent Working Group report, the SEC will work with other agencies so that a platform can offer trading in crypto assets (whether or not they are securities), along with services like staking and lending, under a single regulatory umbrella.”
Atkins’ language represents a stark contrast to the approach of previous chair Gary Gensler, who oversaw high-profile enforcement actions against numerous crypto firms, including industry giants Binance, Kraken, Coinbase, Ripple, Uniswap Labs and ConsenSys. Since Gensler stepped down in January, many of those cases have been closed.
