SEC Aims to Make US 'Crypto Capital World' with Proposed Regulation
The US Securities and Exchange Commission (SEC) has proposed a crypto regulatory framework that aims to attract innovators back to the country, according to Chairman Paul Atkins. The proposal is consistent with the CLARITY Act and seeks to provide a legal framework for US investors to invest and participate in the cryptocurrency market.
Atkins stated that the previous administration's policies drove innovators offshore to develop products and raise capital, but the SEC's proposed regulation aims to reverse this trend. He hopes that the measure will pass the Senate on September 15 and ultimately reach President Donald Trump for his signature.
The SEC proposal includes exemptions related to fundraising and other conditions, and is built to work alongside the CLARITY Act. The agency is currently taking public comments to advance rules consistent with the legislation if Congress approves it.
Atkins reiterated that the SEC has authority under existing laws to advance the proposal even if Congress does not act, but emphasized the need for statutory backing to ensure the rules remain stable and lasting into the future.