SEC chief rules out 'soft oversight' in upcoming crypto law

Chairman of the US Securities and Exchange Commission (SEC) Paul Atkins in his recent speech identified key aspects of the new The bill, which will concern the regulation of cryptocurrencies. This statement was made on November 12 at the Federal Reserve Bank of Philadelphia as part of the initiative Project Crypto.

Original moments of reforms

Atkins told about SEC plans to modernize regulation of the crypto industry, focusing on The need to create a clear classification of tokens, known as token taxonomy. This classification will be based on the Howey test, which helps to determine whether a security is active or not.

According to Atkins, it is important to note that «investment contracts have maturity dates». He noted that, as Commissioner Hester Pierce rightly noted, the token, which could initially fall under the category The investment contract will not necessarily remain so forever. When the contract expires, the token may continue to trade, but such transactions will no longer be considered securities transactions.

Exclusions for digital assets

Atkins also underlined that under his leadership the SEC will not consider digital commodities, collectible tokens, utility tokens and network tokens as securities. However, tokenized securities will still be under the control of the Commission.

New regime proposed for cryptoassets

An important aspect of future legislation will be the creation of a «package of exclusions», Which will allow to form a separate regime for offers of cryptoassets, falling under investment contracts. Atkins expressed hope that the SEC would be able to introduce a target offering regime for such assets, which would give businesses more flexibility in Compliance with investor protection rules.

Nikakogo «myagkogo supervision»

The head of the SEC clearly indicated that within the framework of the new legislation there will be no room for «soft supervision». This statement underlines the Commission's intention to ensure strict control and compliance with legislation in the field of digital assets, Which, according to Atkins, is a necessary step to protect investors and the development of the crypto industry.

Thus, the upcoming changes in the regulation of cryptocurrencies promise to be a significant step forward in providing Transparency and security in the digital assets market.