According to reports, at a recent event held in Washington D.C., SEC Chairman Paul Atkins pointed out that the United States has fallen behind by ten years in the cryptocurrency space. Addressing this issue has become a top priority for regulators.
Atkins stated during Wednesday's DC Fintech Week event that he believes the U.S. is "probably ten years behind" in the cryptocurrency field. He emphasized, "The crypto space is our top priority."
Atkins mentioned that the SEC's goal is to establish a strong regulatory framework that genuinely attracts innovators who may have already left back to the U.S., and he hopes to promote innovation through the establishment of this framework.
Atkins also humorously added, "I now like to call us the Securities and Innovation Commission."
Atkins explained that creating regulatory rules suitable for the crypto industry falls under the category of "embracing innovation," and the SEC is fully committed to advancing crypto regulation. He also hinted at the possibility of introducing "innovation exemptions" to experiment with new ideas.
Atkins said, "Under our regulations, the SEC has quite broad powers regarding exemptions, so we can take very proactive measures to adapt to new ideas."
Atkins is optimistic about the concept of "super apps," which integrate various services such as payments and investments into a single financial platform, stating that as long as regulation is appropriate, such applications can help drive innovation. The development of such applications has long been a goal for U.S. companies, primarily inspired by giants like China's WeChat, but similar super apps have yet to emerge in the West.
However, with the increasing support from U.S. regulators, related services are expected to develop further. In September, Atkins publicly supported platforms that offer multiple financial services under a single regulatory framework.
During the event, Atkins also noted that regulatory coordination is a very clever application in itself. He believes it is one of the ways to coordinate different regulatory agencies. Atkins did not elaborate on how the SEC would advance such coordination. However, he stated that the SEC is committed to making the U.S. a center for crypto innovation rather than a passive follower.
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Original: “SEC Chairman: The U.S. is 10 years behind in crypto, fixing this is ‘job one’”
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