SEC Chairman Atkins spoke at the eagerly awaited Cryptocurrency meeting! Here are the details.

The new chairman of the SEC, Paul Atkins, announced that they will make a fundamental change in regulations regarding cryptoassets.

Atkins, appointed by President Donald Trump, shared his vision for the new era at the SEC’s fourth cryptoasset working group meeting held today.

Atkins, who said “A new day has begun at the SEC”, stated that regulatory policies will no longer be shaped by randomly opened lawsuits and sanctions; instead, standards suitable for the market will be established with existing legislative, interpretive, and exemption authorities.

Atkins, known for his positive approach to the cryptoasset sector, had previously stated that digital assets could provide significant benefits. The new president also expressed his readiness to work with Congress members to establish a supportive regulatory framework for cryptoassets.

Atkins stated that he plans to prepare guidelines to determine whether cryptoassets are subject to securities or “investment contracts.” Atkins, arguing that the Gensler era acted as if it had “its head in the sand,” said, “The SEC was telling firms to come in and register, but there was almost no effort for technology-specific regulation.”

Atkins signaled that there could also be updates to the custody rules. It was stated that in the new era, funds and advisors might be allowed to self-custody under certain conditions. Additionally, it was announced that the framework of “special purpose brokerage firms” could be reconsidered.

The new president noted that it could also be considered to provide conditional exemptions for individuals and organizations wishing to offer new products and services to the market:

“Such innovations may not always be in compliance with existing SEC rules. However, we want to evaluate exemption options under suitable conditions to bring dynamism to the market.”