SEC Chairman Paul Atkins pledges to implement an innovation exemption before the end of the year to accelerate crypto asset products.
The U.S. Securities and Exchange Commission is accelerating its regulatory framework for the cryptocurrency market with a strong commitment from Chairman Paul Atkins. In an interview on Fox Business’ “Mornings with Maria” on Tuesday, Atkins confirmed that the SEC is looking to implement the innovation exemption before the end of the year.
The innovation exemption would allow companies to quickly bring on-chain products and services to market, marking a major shift in the SEC’s approach to the crypto asset industry. Since taking office in April, Atkins has taken a significantly more friendly stance, including launching “Project Crypto,” which aims to modernize the agency’s existing rules for digital assets.
Synchronous legislative process
While the SEC pushes ahead with rulemaking, lawmakers in Washington are also working to complete a comprehensive regulatory framework for cryptoassets. Congress has passed its first cryptocurrency-specific bill, including stablecoins, and is now focusing on merging versions of the cryptoasset market structure bill from both the House and Senate.
Patrick Witt, Executive Director of the White House Digital Asset Advisory Council, expects the bill on crypto asset market structure to be passed before the end of the year. Atkins also expressed his anticipation for congressional action on the bill, which demonstrates close coordination between regulators and lawmakers.
When asked about the idea of merging the SEC with the CFTC, Atkins emphasized that he is working closely with the sister agency and is aiming for harmonization rather than a merger. The two agencies will hold a roundtable next week to discuss bringing new and innovative products back to the U.S. market.
