SEC Chair Atkins Calls Crypto Regulation Proposal Historic, Urges CLARITY Act Vote

Key Takeaways:

SEC Chief Paul Atkins reiterates agency’s quest for clearer crypto rules as it proposes Regulation Crypto Assets, urges Congress to move faster on general market-structure legislation.

The comments highlight that the SEC appears to be trending towards accommodating cryptocurrencies under Atkins as the agency attempts to establish even-harsher guidelines for issuers and market participants.

SEC Puts Crypto Regulation at the Center

Atkins said Regulation Crypto Assets represents the SEC’s

“most historic step yet”

The proposal, released by the SEC on August 18, would introduce a specific securities offering structure for select investment contracts with crypto assets. There are two suggested registration exemptions: $5,000,000 in offerings over four years, and $75,000,000 within a 12-month period.

Along with this, the SEC proposed a conditional safe harbor, which it noted could exempt some crypto assets from the definition of an investment contract if certain conditions were met. The purpose of the framework is to give entrepreneurs more transparency in where to get capital, and to put investor protections in place, the agency said.