SEC Chair Paul Atkins emphasizes that the right to self-custody of private property is a foundational American value

Source Cryptopolitan

The U.S. Securities and Exchange Commission Chairman, Paul Atkins, has vowed to do things differently during his tenure and is already hard at work. 

Under his leadership, the SEC is now considering changing how it views self-custody, describing it as a “foundational American value.”

Atkins at the SEC’s final Crypto Task Force Roundtable

According to remarks delivered Monday at the SEC’s final Crypto Task Force Roundtable, which was titled “DeFi and the American Spirit,” Atkins hinted at a progressive openness toward self-custody, marking a departure from the previous administration’s ethos.

According to Atkins, “the right to have self-custody of one’s private property is a foundational American value” and logging on to the internet should not compromise that.

“I am in favor of affording greater flexibility to market participants to self-custody crypto assets,” he said. “Especially where intermediation imposes unnecessary transaction costs or restricts the ability to engage in staking and other on-chain activities.”

The SEC has turned a new leaf since President Donald Trump took office and former SEC Chair Gary Gensler’s departure. The new regime has taken a warmer approach to the previously embattled crypto industry, partially through throwing out enforcement actions against major crypto industry players and putting together the crypto task force.

So far, the task force has hosted five roundtable discussions over the past few months with a focus on tokenization, custody, trading, and defining securities.

Atkins has positioned himself as a critic of the agency’s previous approach, and on Monday, he accused the agency of undermining innovation in self-custody by asserting that developers could be brokers, and therefore, need to follow the SEC’s rules.

Atkins thinks these “century-old regulatory frameworks” should not be allowed to stifle innovation with technologies that he said could “upend and most importantly improve and advance our current, traditional intermediated model.”

“We should not automatically fear the future,” Atkins said. “I have asked the Commission staff to explore whether further guidance or rulemaking may be helpful for enabling registrants to transact with these software systems in compliance with applicable law.”

Atkins is excited to use on-chain software systems to eliminate economic frictions

Atkins also expressed excitement about the progressive use of on-chain software systems by issuers and intermediaries to “eliminate economic frictions, increase capital efficiency, enable new types of financial products, and enhance liquidity.”

He revealed that he has asked the staff to consider whether amendments to the Commission’s rules and regulations would be better suited to provide needed accommodation for issuers and intermediaries who seek to administer on-chain financial systems.

Atkins has also directed the staff to consider a conditional exemptive relief framework or “innovation exemption” that would expeditiously allow registrants and non-registrants to bring on-chain products and services to market.

He believes that an innovation exemption could potentially fulfill President Trump’s vision to make America the “crypto capital of the planet” as it could encourage developers, entrepreneurs, and other firms willing to comply with certain conditions to innovate with on-chain technologies in the United States.

KEY Difference Wire: the secret tool crypto projects use to get guaranteed media coverage

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
XRP Price Takes a Breather—Consolidation Phase or Bullish Setup?XRP price started a fresh increase above the $2.265 zone. The price is now consolidating and might aim for an upward move above the $2.30 resistance. XRP price started a decent upward move above the
Author  NewsBTC
16 hours ago
XRP price started a fresh increase above the $2.265 zone. The price is now consolidating and might aim for an upward move above the $2.30 resistance. XRP price started a decent upward move above the
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP poised for volatility ahead of US CPI Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing early signs of strength as BTC is nearing its all-time highs, ETH is breaking past its consolidation, and XRP is finding support around its key level.  The upcoming US Consumer Price Index (CPI) data release on Wednesday could serve as a ca
Author  FXStreet
16 hours ago
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing early signs of strength as BTC is nearing its all-time highs, ETH is breaking past its consolidation, and XRP is finding support around its key level.  The upcoming US Consumer Price Index (CPI) data release on Wednesday could serve as a ca
placeholder
Gold price climbs closer to overnight swing high despite trade optimism, firmer USDGold price (XAU/USD) attracts fresh buyers during the Asian session on Wednesday and climbs back above the $3,340 level in the last hour, closer to the weekly high touched the previous day.
Author  FXStreet
17 hours ago
Gold price (XAU/USD) attracts fresh buyers during the Asian session on Wednesday and climbs back above the $3,340 level in the last hour, closer to the weekly high touched the previous day.
placeholder
Why Bitcoin’s Calm Rally Could Be a Setup for a Massive Breakout, Analyst RevealsBitcoin has returned to an upward trajectory, with the asset posting a 1.7% gain in the last 24 hours to reach $109,505. This marks a 4% increase in the past week, placing the cryptocurrency less
Author  NewsBTC
17 hours ago
Bitcoin has returned to an upward trajectory, with the asset posting a 1.7% gain in the last 24 hours to reach $109,505. This marks a 4% increase in the past week, placing the cryptocurrency less
placeholder
EUR/USD holds losses near 1.1400 due to easing tariff tensions between US, ChinaEUR/USD loses ground after registering gains in the previous two consecutive sessions, trading around 1.1400 during the Asian hours on Wednesday. The pair depreciates as the US Dollar receives support from easing tariff tensions between the United States (US) and China.
Author  FXStreet
17 hours ago
EUR/USD loses ground after registering gains in the previous two consecutive sessions, trading around 1.1400 during the Asian hours on Wednesday. The pair depreciates as the US Dollar receives support from easing tariff tensions between the United States (US) and China.
goTop
quote