CDS Crypto News SEC Chair Paul Atkins Defends DeFi: DeFi Is Economic Freedom, Not Securities
Crypto News

SEC Chair Paul Atkins Defends DeFi: DeFi Is Economic Freedom, Not Securities

47
Sec Chair Paul Atkins Defends Defi Defi Is Economic Freedom, Not Securities

SEC Chair Paul Atkins Defends DeFi: Atkins Calls for Change

Sec Chair Paul Atkins Defends Defi: Atkins Calls For Change

At the SEC’s most recent Crypto Task Force Roundtable on decentralized finance on June 9, SEC Chair Paul Atkins stated that the DeFi movement is rooted in the American ideals of economic liberty, private property rights, and innovation. Current securities regulations were created for conventional intermediaries and issuers, not self-executing software systems, according to Atkins, who opposed the application of century-old regulatory frameworks to DeFi and blockchain innovation.

The prior administration discouraged Americans from participating in blockchains by asserting through lawsuits, speeches, regulation, and threatened regulatory action that participants and staking-as-a-service providers may be engaged in securities transactions.

Atkins

Crypto Custody Freedom and Innovation: SEC Chair Lays Out New Vision

Additionally, Atkins explained that voluntary involvement in a proof-of-work or proof-of-stake network as a validator, miner, or staking-as-a-service provider is not covered by federal securities laws. He also supported giving market players the freedom to keep cryptocurrency assets in their own custody. According to him, publishing wallet software or staking codes is not a brokerage activity.

SEC Considers Rule Changes to Support On-Chain Finance and Crypto Innovation

In order to accommodate on-chain financial systems, the SEC chair instructed staff to contemplate rule modifications and investigate guidance for registrants conducting business with blockchain systems. Additionally, he suggested an innovation exemption framework to allow compliant on-chain goods and services to enter the market more quickly.

An innovation exemption could help fulfill President Trump’s vision to make America the “crypto capital of the planet” by encouraging developers, entrepreneurs, and other firms that are willing to comply with certain conditions to innovate with on-chain technologies in the United States.

Atkins

For more up-to-date crypto news, you can follow Crypto Data Space.

Sec Chair Paul Atkins Defends Defi: Defi Is Economic Freedom, Not Securities
Written by
lectertodd

Lectertodd is 28 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Ark Invest Unloads Circle Stock After IPO Surge: Should You Be Worried?

For more information about Ark Invest unloads Circle stock, please visit CDS.

Turkey Enforces New Crypto Rules to Prevent Illicit Transactions

Turkey enforces new crypto rules, placing limits on stablecoin transfers and tightening...

From Chaos to Crypto Market Surge: Total Market Cap Boom After Trump Quells Middle East Conflict

For more information about the “from chaos to crypto market surge,” please...

Nasdaq Today: Stock Futures Up, Oil Prices Down Amid Israel-Iran Truce

Oil prices dropped over 3% as ceasefire news eased fears of a...

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.