Regulation Twist: Bullish Signal for Crypto!
After he explained that the majority of cryptocurrency tokens are not securities, Paul Atkins, the chair of the U.S. Securities and Exchange Commission (SEC), made headlines today. The opportunity to generate money on-chain without any legal issues is something he now publicly supports.
And we must allow for ‘super-app’ trading platform innovation that increases choice for market participants.
Atkins
SEC Chair Calls for Streamlined Rules on Crypto Super Apps
Essentially, users may trade, save, lend, borrow, and even stake digital assets on a unified platform with super apps. In order to save expenses for business owners, the chair believes that a single, simplified framework can handle the super apps and their combined operations.
I believe regulators should provide the minimum effective dose of regulation needed to protect investors, and no more… We should not overburden entrepreneurs with duplicative rules that only the largest incumbents can bear.
Atkins
From a regulatory perspective, every cryptocurrency activity is now handled differently, including trading and brokerage, custody, payments, lending, and staking. Atkins‘ declaration so indicates that he is prepared for a more efficient and streamlined approval procedure.
SEC and CFTC Join Forces in Project Crypto for Clearer On-Chain Rules
Actually, bringing financial markets on-chain with defined guidelines is part of the agency’s Project Crypto objective. Regulators have committed to providing additional regulatory clarity in the upcoming weeks in partnership with the CFTC‘s Crypto Sprint. Additionally, this occurs while the Republican-led crypto market structure law is being pushed forward by Congress. However, it’s important to note that some Democrats have cautioned that in order to achieve better results, the process shouldn’t be drawn out and lengthy.
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