- In the SEC’s crypto roundtable, Paul Atkins criticized the approach of the SEC in the last four years.
- Atkins also said that in the last four years, the agency has stifled innovation.
The newly appointed chairman of the US Securities and Exchange Commission, Paul Atkins, attended his first crypto roundtable in Washington, DC. In the event, he heavily criticized the approach of the SEC in the last four years as predominantly having “stifled” innovation.
Atkins mentioned:
“Unfortunately, the innovation has been stifled for the past few years because of market and regulatory unpredictability that the SEC has promoted.”
The newly appointed chief further assured the market members that he would work hard to bring regulatory clarity to the crypto industry. According to him, “rational fit for purpose framework” laws are major in promoting the virtual assets sector, including risk mitigation.
The former chairman of the SEC, Gary Gensler, made an exit from the body after the victory of said crypto-friendly leader, Donald Trump, and before his joining. After the exit, interim chair Mark Uyeda took charge.
Under his rule, the SEC called off various investigations and withdrew many cases. Earlier this week, Atkins handled the charge, and the industry anticipated a more favourable regulatory environment in the crypto space.
The crypto roundtable scheduled on April 25 was titled “Know Your Custodian: Key Considerations for Crypto Custody,” and it was the third roundtable. Overall, the SEC crypto task force has planned five roundtables.
The roundtables are focused on getting key insights that will help them work towards clear crypto asset regulation. Before handling the charge as a Chairman, Atkins had worked as a commissioner of the SEC from 2002 to 2008.
On his return, he stated:
“As I return to the agency, I am excited to join with my fellow commissioners and the dedicated professionals to proceed with the mission of facilitating capital formation, maintaining fair, orderly, and efficient markets. We will work together to make sure that the United States is the best and secure place to invest and do business.”
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