SEC's "Safe Harbor" proposal for encryption submitted to the White House for review, may be announced soon

ME News report, April 7 (UTC+8). SEC Chairman Paul Atkins said that a proposal for a “safe harbor” framework, intended to provide startup exemptions for crypto projects, has been submitted to the White House Office of Management and Budget (OIRA) for review—this is the final step before official release. The proposal includes a “startup exemption,” allowing stakeholders in the crypto industry to raise a certain amount of funds within four years while providing specific disclosures. In addition, Atkins also put forward a “security of investment contracts” safe harbor proposal, combined with the explanatory guidance based on token classification issued by the SEC in March this year. Atkins noted that legislation is necessary because it can provide a more solid and durable regulatory framework than agency rulemaking. He also said the SEC is studying an “innovation exemption” as a regulatory sandbox for on-chain assets. This proposal has sparked extensive discussion between crypto supporters and traditional financial institutions over the past year. Atkins stated that the SEC has the authority to move forward with the innovation exemption and will announce the relevant parameters soon. He believes there is still a great deal of work to be done in this area. (Source: PANews)