SEC Proposes Regulation to Reshape America's Crypto Market

The US Securities and Exchange Commission (SEC) has proposed a regulation that could reshape America's crypto market. The proposal, called Regulation Crypto Assets, is aimed at bringing innovation and capital back onshore by relaxing time limits on certain existing exemptions.

According to SEC Chairman Paul Atkins, the goal is to make the US the 'Crypto Capital of the World.' He emphasized that American investors can send their money anywhere in the world, but the SEC wants them to be able to do it under US law.

The proposal also seeks to clarify regulator jurisdiction by expanding the CFTC's role in crypto markets. If the CLARITY Act passes, it would separate securities from commodities and provide a clearer line for exchanges and issuers to operate within.

A cloture vote on September 15 is the first hurdle, which requires bipartisan support. After that, the bill will move to debate, amendment, a final Senate vote, House reconciliation, and finally, the president's signature.