The cryptocurrency industry is eagerly anticipating a more positive relationship with the SEC under the leadership of Paul Atkins. With a focus on clearer regulations, halting unnecessary litigation, and removing outdated rules, a 90-day plan has been introduced to rebuild trust and encourage innovation within the sector. This period is crucial for shaping a more balanced regulatory approach under the Trump administration.
Atkins, known for his pro-crypto stance, could potentially bring about regulatory changes that benefit the cryptocurrency industry. This shift could result in more supportive regulations that provide clarity and foster growth within the sector.
In a recent statement on December 18, the Digital Chamber emphasized the importance of the SEC recognizing the responsible operations of the digital asset industry. The group highlighted the need for mutual trust between regulators and industry participants.
The SEC has faced criticism for its enforcement-focused approach, which has led to confusion and hindered innovation within the cryptocurrency space. The Token Alliance, a part of the Digital Chamber, is calling for a shift in the SEC’s strategy to build trust and transparency with the industry.
The Token Alliance has put forth a 90-day plan to revamp the SEC’s handling of cryptocurrency regulations. This plan includes a review of current investigations, Wells notices, and lawsuits related to cryptocurrencies. It also calls for a pause in litigation for cases that do not involve fraud or investor harm, aiming to create a more balanced approach that promotes innovation and trust.
Additionally, the plan suggests removing outdated rules that have caused confusion, such as the Howey test framework from 2019 and the Hinman Speech from 2018. The Alliance advocates for clear and consistent rules to replace the current enforcement-heavy approach.
Another focus of the plan is addressing the burden of SAB 121, which forces companies holding cryptocurrencies to list them as liabilities. The Alliance argues that this rule discourages investment in the U.S. market and may push investors towards riskier options abroad.
As the SEC enters a new era under Paul Atkins, there is hope for a more collaborative and fair regulatory system. Commissioners Hester Peirce and Mark Uyeda, who have been critical of the SEC’s current approach to digital assets, are expected to work closely with Atkins to bring about positive changes.
Recent discussions between the Token Alliance and Commissioners Peirce and Uyeda have been promising, indicating a willingness to engage with the crypto industry. The next 90 days will be crucial in determining whether the SEC can build trust with the industry and adopt a more balanced regulatory approach.
For those looking to enter the world of cryptocurrency and blockchain technology, a step-by-step system to launch a career in Web3 and secure high-paying crypto jobs in 90 days could be the key to success. Stay tuned for updates on the evolving relationship between the SEC and the cryptocurrency industry.