The SEC Chairman talked about Bitcoin (BTC) and Cryptocurrency! Are new rules on the way?

The Chairman of the SEC (SEC), Paul Atkins, made a statement in the Senate Appropriations Subcommittee regarding Bitcoin (BTC) and cryptocurrencies.

The SEC Chairman stated that the agency’s cryptocurrency policy will be established not through enforcement, but through notice-and-comment rulemaking.

At this point, the SEC Chairman stated that the agency would move away from shaping crypto rules through courts and enforcement.

Atkins stated that his main priority is to establish clear crypto rules that protect investors and take measures against fraud.

“Clear rules of the road are necessary to protect investors from fraud, at least to help them detect frauds that do not comply with the law.”

Policy making will be done through notification and comment, not by sanctions.

For years, the SEC’s primary approach to crypto has been surprise lawsuits and strict actions. This was especially true during the tenure of former SEC Chair Gary Gensler. However, those days are behind us.

Atkins stated that the SEC would establish “clear rules” for the issuance, custody, and trading of cryptocurrencies, and also added that it would prevent malicious individuals from violating the law.

The SEC Chairman also praised members Hester Peirce and Mark Uyeda for launching the Crypto Task Force. The task force has so far held roundtable discussions on fundamental issues such as what is considered a security, how crypto trading and custody will be regulated, and tokenization.

*Not investment advice.

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