On May 19, US SEC Chairman Paul Atkins said at an SEC speech that "the crypto market has been in the SEC's fuzzy regulatory zone for many years. Initially, the SEC adopted what I call an "ostrich policy"-perhaps in the hope that the crypto industry would disappear on its own. Later, the policy shifted to law enforcement supervision of "shooting first and asking questions later." The so-called slogan "Welcome to chat" often actually means "Welcome to receive the summons." This is a dilemma for market participants. This environment cannot build trust. Essentially, the message is: "Go ahead and guess for yourself." I recently instructed the Division of Corporation Finance to maintain transparent communication with the public. When regulators are able to open dialogue with industry, market participants can act more flexibly and allocate capital more effectively to productive uses. Today is a new starting point for the SEC. I have instructed staff in the policy department to start drafting proposed rules related to cryptocurrencies. At the same time, staff are still "clearing obstacles" through department-level statements. I hope the committee will allow SEC registered agencies to simultaneously custody and trade securities and non-securities assets under one platform. This will help reduce investor costs and allow non-securities trading to quickly enter a federal-level regulatory environment. In response to innovation trends and the progress of the Crypto Working Group, we have asked Congress to rebudget the SEC's Center for Innovation and Fintech Strategy (FinHub) functions into other parts of the agency."