The American regulator SEC is working on a new rule that should stimulate innovation in the crypto sector. Chairman Paul Atkins calls the plan a top priority, even now that parts of the government are at a standstill.
Innovation exemption should give crypto companies breathing space
The SEC wants to implement a special rulebook for companies in the digital asset sector. This so-called ‘innovation exemption’ gives crypto and blockchain companies the opportunity to test new technologies and products without being immediately hampered by heavy regulations.
Atkins emphasizes that the SEC’s focus has shifted to “pro-innovation.” The chairman sharply criticizes the policy of his predecessor, Gary Gensler. Under his leadership, the SEC took a hostile course towards crypto companies. This ‘regulation through enforcement’ approach led, among other things, to the years-long lawsuit between the stock exchange watchdog and Ripple. The policy also resulted in innovation and capital disappearing abroad on a large scale.
According to the SEC chairman, innovative developers should feel welcome in the US. “I want companies to feel like they can build something here without having to immediately fear legal action,” Atkins said during a legal panel in New York.
The rule change remains at the top of Atkins’ agenda. Despite the current government standstill caused by political disagreement over the budget. Although this temporarily halts many regulations, Atkins hopes that the process can formally start before the end of 2025 or early 2026.
The US government is fully committed to crypto
The SEC’s change of course fits within a broader, pro-crypto stance that characterizes the current Trump administration. Earlier this year, a national Bitcoin (BTC) reserve was set up, consisting of seized coins. The government is not yet actively expanding this reserve by purchasing Bitcoin itself.
In addition, the GENIUS Act was introduced, which provides clear rules for issuing and using stablecoins. The CLARITY Act is also currently being considered, a bill that would provide legal clarity on when digital assets are considered securities. This aims to get rid of the gray zones that previously led to lawsuits and uncertainty in the sector.
Another recent example of this new direction is the SEC’s request for providers of crypto exchange-traded funds (ETFs) to withdraw their existing applications. That sounds like a step back, but in reality it turns out to be a bit more nuanced. The regulator is working on a standardized and simpler framework, whereby funds no longer have to submit a separate application for each cryptocurrency.
According to journalist Eleanor Terrett, this should ensure faster approvals and clearer supervision, partly through closer coordination with the Commodity Futures Trading Commission (CFTC). It is expected that several spot ETFs will follow in 2025, including XRP, Cardano (ADA) and Solana (SOL).
Source: https://newsbit.nl/sec-werkt-aan-nieuwe-regel-om-crypto-innovatie-in-de-vs-te-stimuleren/
