Following the release of the President’s Working Group’s policy recommendations, SEC Chair Paul Atkins put out a statement solidifying his commitment to making the US a leader in the cryptocurrency revolution. Atkins says that the policy recommendations align with his conviction of creating a rational regulatory framework.
What Will The SEC Do For The Cryptocurrency Landscape?
Atkins highlights that the previous administration did not share a similar vision for the crypto industry. In his statement, Atkins says that “the SEC will continue to play a key role in developing a federal framework.“
The financial watchdog aims to use its “existing authorities to establish new rules and regulations, and to implement any new legislation crafted by Congress.”
The SEC aims to further unlock the transformative potential of cryptocurrencies and digital asset technology. Moreover, the agency vows to protect investors and the US financial stability. Atkins states, “I will continue to prioritize the development of forward-thinking and future-proof regulations that foster innovation while mitigating risks.“
The pro-cryptocurrency SEC head ends his statement saying, “America must do more than keep pace with the crypto asset revolution—we must lead it. I stand ready to help get the job done.“
More Pro-Crypto Legislation For The US?
The US House of Representatives recently passed the GENIUS, Clarity, and Anti-CBDC Bills and Acts. Given the pro-cryptocurrency outlook of the current administration, we may see more regulatory clarity around the budding industry over the coming months.
There are several cryptocurrency-based ETF applications awaiting approval at the SEC. There is a high chance that the financial overseer will approve most, if not all, of the pending applications. ETF approvals may lead to increased institutional inflows into the crypto sector.
Also Read: SEC: Crypto ETFs Can Create, Redeem Shares using BTC, ETH
The US government is also likely to become a top cryptocurrency holder over the coming years. President Trump signed an executive order earlier this year to create a digital asset reserve for the US.
We may be entering one of the most bullish phases for the crypto sector in the US. How things unfold and what new legislations are proposed are yet to be seen.