- The U.S. Securities and Exchange Commission is considering an “innovation exemption” for onchain products and services.
- SEC Chair Paul Atkins says this exemption would help firms develop new technologies more quickly under specific conditions.
- The SEC is shifting its crypto policy development toward public notice and comments, moving away from court-based decisions.
- The SEC has recently dismissed several enforcement actions against crypto firms and released new guidance on crypto staking activities.
- Criticism of the prior SEC approach under Gary Gensler was addressed, with the new administration favoring clearer rulemaking.
The U.S. Securities and Exchange Commission (SEC) is developing an “innovation exemption” aimed at supporting the creation of more onchain products and services, according to comments made by SEC Chair Paul Atkins at a Monday event. The move is intended to let firms bypass some regulatory requirements temporarily, so they can develop new technologies faster.
Atkins said that these temporary exemptions would apply only if firms meet certain conditions. He explained that the plan is to help speed up the launch of new onchain products while the agency considers whether to revise its existing rules. Atkins stated, “An innovation exemption could help fulfill President Trump’s vision to make America the crypto capital of the planet by encouraging developers, entrepreneurs, and other firms that are willing to comply with certain conditions to innovate with onchain technologies in the United States.”
He added that current regulations are based on traditional financial intermediaries such as brokers, advisers, and exchanges, and noted, “The drafters of these rules and regulations likely did not contemplate that self-executing software code might displace such issuers and intermediaries.” On January 21, the SEC’s Crypto Task Force launched under acting chair Mark Uyeda to create a workable framework for crypto policy.
In recent Senate remarks, Atkins said that the SEC would move toward making rules through public notice and comment. This marks a change from the previous approach of creating policy through court cases and settlements, which faced criticism during former SEC Chair Gary Gensler’s term. After Gensler’s resignation on January 20, the SEC stopped some long-running legal actions against crypto businesses and provided new information on how securities laws apply to crypto activities like staking.
The Crypto Task Force is expected to issue its first report in the coming months. Additional details, including recent guidance and rulemaking updates, can be found through the DeFi-roundtable-060925#:~:text=An%20innovation%20exemption%20could%20help,technologies%20in%20the%20United%20States” target=”_blank”>SEC’s website and official channels.
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