U.S. SEC Chairman: Will draft proposals for rules related to Crypto Assets, unafraid of innovation in the Crypto Assets field.

According to Techub News, SEC Chairman Paul Atkins stated at an SEC conference that the "crypto market has been in a gray regulatory area for the SEC for years. Initially, the SEC took what I would call an 'ostrich policy'—hoping perhaps that the crypto industry would just go away. Later, the policy shifted to a law enforcement-style regulation of 'shoot first, ask questions later.' The so-called 'welcome to chat' slogan often actually means 'welcome to receive a subpoena.' This creates a dilemma for market participants. Such an environment fails to build trust. The underlying message is: 'You guess for yourself.'

I have recently instructed the Division of Corporation Finance to maintain transparent communication with the public. When regulators can engage in open dialogue with the industry, market participants can act more flexibly and allocate capital more effectively to productive uses. Today marks a new starting point for the SEC. I have directed the staff in the policy department to begin drafting rule proposals related to encryption. Meanwhile, the staff is still "clearing obstacles" through departmental statements.

I hope the committee will allow the SEC to simultaneously custody and trade both securities and non-securities assets on one platform. This will help reduce costs for investors and enable non-security trading to quickly enter the federal regulatory environment. In response to innovative trends and the progress of the crypto working group, we have requested Congress to reallocate the budget in order to integrate the functions of the SEC's "Innovation and Financial Technology Strategic Center (FinHub)" into other parts of the agency.