US Securities and Exchange Commission (SEC) Chairman Paul Atkins spoke about cryptocurrencies.
Speaking at DC Fintech Week, Paul Atkins said that cryptocurrency and tokenization is the SEC's number one business.
Stating that the SEC has taken action to create a pro-innovation regulatory environment, Atkins said they want to attract investors who have left the US back by creating a strong and logical framework.
At this point, SEC Chairman Atkins said the US is a decade behind on cryptocurrencies and the agency's “first task” is to create a regulatory framework that will attract innovation.
“The SEC now needs to be an agency that governs not only securities but also innovation. Virtual assets and tokenization are the SEC's top priority. We will create clear and reasonable regulatory frameworks for innovation companies leaving the US to return. I would like to say we are the Securities and Innovation Commission.”
After becoming chairman in April, Paul Atkins took a radically different approach to cryptocurrency regulation from his predecessor, Gary Gensler. Gensler took a cautious approach to cryptocurrencies and filed several lawsuits against major crypto companies, many claiming they were securities. However, he was criticized for his enforcement-through-regulation approach.
In contrast, Atkins took a pro-cryptocurrency approach and made this stance clear.