Bloomberg reports that SEC chair Paul Atkins stated during a Friday press conference, “The US Securities and Exchange Commission is looking at creating an innovation exemption in its regulatory framework, to encourage tokenization.”
The Bloomberg reportAtkins told reporters that SEC staff is considering changes which would encourage tokenization. These include an innovation exception, which would enable new trading techniques and offer targeted relief in order to help develop a tokenized security ecosystem.
Atkins stated that the transfer of assets to blockchain is inevitable. “If it can be tokenized, it will be tokenized.” Although he admitted the uncertain outcome of the case, he was still optimistic about the future for the industry.
Related: GENIUS Act heads to Trump’s desk: Here’s what will change
This Thursday the US House of Representatives passed the GENIUS ActThe Crypto Legislation Act is a combination of the Digital Asset Market Clarity Act (CLARITY) and the Anti CBDC Surveillance State Act.
Atkins, unlike his predecessor Gary Gensler is pro-crypto. Atkins was appointed to the position of Director General following the passage the GENIUS Act. said: “Blockchain and crypto asset technologies have the potential to revolutionize America’s financial infrastructure and deliver new efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans.”
Now that the stablecoin law is in place set to be sent to President Donald Trump for approval. After the law is signed it will go into effect in 18 months or 120 after Treasury and Federal Reserve issues final regulations to implement GENIUS Act.
Different views on the regulatory shift
The bill has excited supporters in the cryptocurrency industry. Ethereum developer Eric Conner called this bill “a bad act”. “the clearest signal yet that DeFi is winning the regulatory argument.”
It is a good idea to get a hold of a person who can help you. interview Atkins told Bloomberg that there was a concern among stablecoin holders about the possibility of not having enough hard currency reserve to support their coins. “One thing that I think the new bill, soon to be signed into law, makes clear is that these are not securities. It’s the banking regulators who will be overseeing them, and I think that’s appropriate.”
Some still expressed conservative attitudes. Elizabeth Warren, a senator from Massachusetts, criticized this legislation for not being enough to safeguard consumers. Senator Elizabeth Warren said the legislation failed to address potential consumer risks, including market manipulation and fraud.
SEC cautious on crypto-based retirement plans
This Friday interviewAtkins has stressed the importance to disclosure. “The government should not stand as a blocking agent for those sorts of things, but we need to enable it in the proper way with proper guidelines and proper disclosures.”
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Source: cointelegraph.com
