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SEC Chairman Expounds on New Direction for Encryption Regulation: Comprehensive Reform of Issuance, Accomplice, and Trading Policies
SEC Chair Delivers Important Speech on Crypto Assets Regulation
At the recent tokenization roundtable conference, the SEC chairman delivered an important speech on the regulation of Crypto Assets. He emphasized the significance of the transition of securities from traditional systems to blockchain systems, comparing this shift to the revolutionary change from analog to digital in audio.
The chairman pointed out that blockchain technology is expected to bring new development opportunities to the securities market, including automatic dividends from smart contracts and improved asset liquidity. In order to make the United States the global Crypto Assets hub, the SEC must keep pace with the times and establish new rules that adapt to on-chain assets.
He stated that the SEC will no longer rely on temporary enforcement actions but will establish practical standards and focus on combating fraud and market manipulation. To this end, the SEC has established a dedicated Crypto Assets task force to coordinate efforts across departments.
The chairman emphasized the reform directions in three policy areas:
Issuance: Establish clear and reasonable guidelines for the issuance of Crypto Assets, adjust existing registration forms, and consider new exemptions and safe harbor provisions.
Custody: Provide registrants with more autonomy, clarify the qualifications of qualified custodians, and allow for flexible practices such as self-custody.
Trading: Allow registered platforms to trade more types of products, establish ATS regulatory systems that adapt to Crypto Assets, and promote the listing of Crypto Assets on exchanges.
The chairman emphasized that the SEC will actively explore measures such as conditional exemptions to encourage innovation. He stated that he will coordinate with the government and Congress to make the United States the best participant in the global Crypto Assets market.