The American Commission for Securities and Exchange will make it possible to improve its cryptographic policies with “opinion and comments” and move away from its rules before the courts, said the president of the agency, Paul Atkins, in the Congress.
In the remarks of June 3 at the Senate’s Credit Sub-Comeding on Financial Services, Atkins said that the development of agency’s cryptography policies “would be done by opinion and commentary on the rules, and not by regulation by application”.
“The Commission will use its existing authorities to establish adjustment standards for market players,” he added.
Atkins, a former cryptographic lobbyist, said that the creation of a “rational regulatory framework for cryptographic assets” will be a key priority for the SEC under its mandate.
The former president of the SEC, Gary Gensler, was criticized by the cryptography industry, who claimed to have created a crypto policy through legal proceedings and regulations rather than regulation.
“The approach to applying the commission will return to the initial intention of the congress, which consists of the police violations of these established obligations, in particular with regard to fraud and manipulation,” said Atkins.
He added that the SEC will establish “clear road rules” for the program, guard and the crypto trade while discouraging bad players from raping the law.
“Clear rules of the road are necessary to protect investors against fraud, not the least to help them identify scams that do not behave with law,” he said.
The Democratic senator, Chris Coons, asked Atkins if he approves the exchanges of crypto managing traditional titles and digital tokens.
Atkins did not answer the question directly and rather declared that the agency’s cryptography working group was finding regulations “which have meaning for industry and which allow innovation”.
Atkins had previously appeared before the legislators on May 20 and said that the Crypto working group would publish its first report in the coming months.
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The agency’s crypto working group was launched on January 21 by acting the president of the SEC, Mark Uyeda, and was responsible for establishing a feasible crypto framework for the agency.
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Atkins also said that he had asked for the approval of the congress to dissolve the strategic center of the Innovation and Financial Technology Agency, which was launched in 2018 to focus on the fields related to fintech.
“Innovation should be anchored in culture on the scale of the dry and not limited to a relatively small office,” said Atkins.
“The principles and priorities under which it was established is integrated into the very fabric of the dry.”
Since Gener resigned on January 20, the SEC adopted a different approach from the crypto, rejecting long -term application measures against cryptographic companies.
SEC staff also published advice on the most common cryptographs features, claiming that it does not violate securities laws, as well as information on how federal securities laws could apply to crypto.
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