SEC Chair Atkins Seeks Congressional Clarity on Digital Assets

The US Securities and Exchange Commission (SEC) has been actively working on creating a regulatory framework that would support the growth of the cryptocurrency market. SEC Chair Paul Atkins has emphasized the need for Congress to pass legislation that would provide clarity and certainty in the classification of digital assets.

Atkins highlighted the importance of 'future-proofing' the US markets against potential policy reversals by future administrations. He stressed that while the SEC's internal Project Crypto initiative is working on providing immediate clarity through rulemaking, only Congressional legislation can ensure long-term stability.

The proposed Clarity Act aims to establish clear rules for classifying, issuing, trading, and supervising digital assets. This includes provisions for distinguishing between securities and commodities, as well as innovation-friendly measures such as startup exemptions and fundraising safe harbors.