This policy provides the crypto industry with a clear and positive compliance pathway within the United States.
Author: Bibi News
Three days ago, SEC Chairman Paul Atkins stated in a CNBC interview that he expects the "crypto innovation exemption policy" to be implemented by the end of the year and is confident that it will take effect in January next year . This statement has sparked heated discussion.
The introduction of the crypto innovation exemption policy signifies a fundamental shift in the US's regulatory attitude towards the crypto industry. From a largely lukewarm and ambiguous stance over the past few years, the US has moved towards active guidance and explicit support, striving to build a clear new regulatory framework.
This policy provides the crypto industry with a clear and positive compliance pathway within the United States.
Innovation Framework and Details
In fact, as early as July this year, in a public speech, the SEC Chairman systematically elaborated on the "crypto innovation exemption policy" for the first time, indicating that the United States will establish a brand-new regulatory framework for the crypto industry, allowing the long-suppressed market to see the signal of "institutional easing" for the first time.
The speech pointed out that, first of all, it is necessary to clearly distinguish the categories of crypto assets , and not all crypto assets should be regarded as "securities".
In subsequent speeches, the speaker further categorized crypto assets into four types , clarifying that digital goods or tokens, digital collectibles, and digital instruments are not securities, while tokenized securities are classified as securities. The US SEC Chairman proposed classifying tokens into four categories!
For security tokens , lightweight disclosure, exemption mechanisms, and safe harbor rules will be established to allow projects to operate legally for a specific period and to encourage community development.
At the same time, the new framework upholds the core value of self-custodied assets and allows intermediaries to design new custody and trading mechanisms adapted to crypto assets, promoting the development of "super app" platforms.
The SEC also introduced a principle-based innovation exemption mechanism , with conditions that may include regular reporting, whitelisting/verification pools, and the use of only ERC-3643 tokens with embedded compliance features to ensure that transactions comply with regulations such as KYC and AML.
SEC and CFTC collaborate on regulation
In addition, the CFTC is also involved and will jointly launch the "Harmonized Innovation Exemption + Safe Harbor" to provide a fast compliance channel for spot crypto assets, leveraged/margin trading, perpetual contracts and DeFi peer-to-peer trading, allowing innovative products to operate on a trial basis under certain conditions without full registration.
The new policy will also support perpetual contracts, event contracts/prediction markets, portfolio margining, and 24/7 trading, enabling cross-product regulatory coordination and investor protection between the SEC and CFTC, and promoting the legal and rapid implementation of innovative crypto products in the United States.
The SEC's change of attitude may be a natural result of the evolution of the capital market, and a key choice made by the United States in order to reshape its leadership in the financial era.
Currently, the policy is still in the planning stage, and its specific content and implementation path still need to be observed.
However, it is certain that the establishment of a compliance framework will promote the more robust growth of crypto innovation in the United States.
Links to some of the reference sources:
https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125
https://www.cftc.gov/PressRoom/SpeechesTestimony/phamatkinsstatement090525
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