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

ME News reports that on April 7 (UTC+8), SEC Chair Paul Atkins said that a proposed “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,” which would allow 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 “safe harbor for investment contracts” proposal, combined with the token classification-based explanatory guidance issued by the SEC in March this year. Atkins noted that legislation is necessary because it can provide a more robust and enduring 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 over the past year between crypto supporters and traditional financial institutions. Atkins said the SEC has the authority to move forward with the innovation exemption and will announce the relevant parameters soon. He believes there is still much work to be done in this area. (Source: PANews)