US SEC Chairman Reflects on Encryption Regulation: From "Ostrich Policy" to proactive adaptation, FinHub functions will be integrated
According to online reports, the official website of the U.S. Securities and Exchange Commission (SEC) announced Chairman Paul Atkins 'speech at the SEC Speaks meeting. Atkins said that previously, the SEC had a negative attitude towards cryptocurrency supervision, first adopting an "ostrich policy" and then changing to enforcement first. Accountability, no trust was established. Atkins believes that regulators should actively interact with the market and adjust rules to adapt to new technologies. Although the SEC has expressed its willingness to communicate with potential registrants, it has not adjusted regulatory requirements, and leadership has long prevented staff from communicating complex legal issues with market participants. Today, Atkins has instructed the company's finance department to interact transparently with the public. At the same time, various SEC policy departments are drafting proposals for cryptocurrency-related rules, but staff are still "clearing obstacles" through staff-level statements, such as the Trading and Markets Department issuing answers to frequently asked questions. Although staff views are not committee rules or regulations, they can provide useful insights to the public. Atkins also hopes that the committee will allow SEC registrants to custody and trade securities and non-securities under the same roof. In addition, Congress has been asked to approve reprogramming funding to integrate the functions of the agency's Center for Strategic Innovation and Financial Technology (FinHub) into other divisions of the agency. Because it is seen as an enforcement tool, is small in scale and inefficient, its principles and priorities will be integrated into the SEC's core, allowing innovation to be integrated into the entire SEC culture.
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