SEC Chairman: Will develop regulatory framework for on-chain markets, urges Congress to pass the Clarity Act

According to Mars Finance, SEC Chairman Paul S. Atkins spoke at the AI+ Expo, a special competition research project, on May 8th, outlining the regulatory direction for AI and on-chain financial markets. Atkins stated that the SEC will advance several regulatory measures surrounding on-chain markets, including: developing rules for defining "exchanges" for on-chain trading systems; clarifying the scope of application of brokerage and dealer definitions in on-chain activities; clarifying the boundaries of application of the "clearinghouse" definition for on-chain clearing and settlement activities; and providing regulatory guidance for activities related to "Crypto Vaults." Regarding AI regulation, Atkins emphasized that the SEC will not mandate the use of specific models by companies, but rather adheres to its core responsibilities of protecting investors, maintaining a fair and efficient market, and promoting capital formation, requiring companies to be responsible for the results of their deployed AI tools. Atkins also urged Congress to send the CLARITY Act to the President for signature as soon as possible to provide long-term certainty for the digital asset market through legislation, and warned that forcing innovation overseas would repeat the mistakes of FTX, harming the interests of American investors.