The chair of the U.S. Securities and Exchange Commission (SEC) says the agency is preparing to roll out clearer regulations for the crypto industry.
During a speech on Thursday discussing the SEC’s Project Crypto, an initiative to help with President Donald Trump’s goal of making America the crypto capital of the world, Paul Atkins says the securities regulator will bring reforms to the digital assets market.
“[W]e will work to bring crypto asset distributions back to America. The days of convoluted offshore corporate structures, decentralization theater, and confusion over security status, are over. President Trump has said that America is in its Golden Age—and under our new agenda, our crypto asset economy will be, too.”
Atkins says that his key priority is to establish as swiftly as possible a regulatory framework for the distribution of crypto assets in the US.
“[F]or too long the SEC ignored market demands for choice and disincentivized crypto-based capital raising. As a result, crypto markets pivoted away from offering crypto assets and deprived investors of the opportunity to use this technology to contribute to productive economic enterprises.”
Atkins says Commission staff are already directed to develop clear guidelines that will address confusion on whether crypto assets are securities.
“This approach can allow market participants to determine, based upon clear guidelines, whether any outstanding promises or commitments of the issuer cause the crypto asset to be subject to an investment contract.”
He says the SEC is also working to provide purpose-fit disclosures, exemptions and safe harbors for crypto transactions that are subject to the securities law.
“Regarding these sorts of transactions, our goal should be that issuers no longer exclude Americans from their distributions to avoid legal complexity and lawsuits, but instead choose to include Americans to enjoy legal certainty and an accommodating regulatory environment.”
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