In brief
- SEC Chair Paul Atkins says a formal “innovation exemption” could be finalized by year-end.
- The proposal follows years of regulatory uncertainty that pushed crypto development overseas.
- Industry leaders say a structured framework could bring compliant innovation back to U.S. markets.
The U.S. Securities and Exchange Commission is preparing to codify an “innovation exemption” that could give crypto and fintech startups room to operate under formal regulatory supervision, according to remarks from Chair Paul Atkins made Tuesday.
Chair Atkins recounted how the crypto industry had faced “four years, at least” of “repression” that had resulted in “pushing things abroad, rather than having innovation being done.”
Atkins was referring to what Republicans and crypto advocates have previously labeled as “regulation by enforcement” under the previous Biden administration, specifically during the tenure of former SEC Chair Gary Gensler.
The remarks were first reported by CoinDesk. A copy of the proceedings from the Futures & Derivatives Law Report event hosted by Katten Muchin Rosenman LLP was requested and acknowledged, but had not been re
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Author: Vince Dioquino
