The U.S. securities regulator is developing an "innovation exemption" policy to stimulate the creation of more on-chain products and services, said SEC Chairman Paul Atkins.
Atkins, a former crypto lobbyist, stated during a crypto roundtable titled "Decentralized Finance (DeFi) and the American Spirit," hosted by the SEC's crypto task force on Monday, that he has instructed staff to consider a conditional exemption relief framework.
These temporary exemptions would waive specific regulatory requirements for companies to foster innovation in emerging technology sectors, provided they meet certain conditions.
Atkins indicated that this would accelerate the process of bringing on-chain products and services to market, while SEC staff are also considering revisions to the commission's rules and regulations.
He stated, "Innovation exemptions can help realize President Trump's vision of making the U.S. the global crypto capital, encouraging developers, entrepreneurs, and other companies willing to comply with specific conditions to innovate in the U.S. on-chain technology space."
Meanwhile, Atkins mentioned that he has asked staff to consider whether revisions to the commission's rules and regulations are necessary to provide the needed facilitation for issuers and intermediaries seeking to manage on-chain financial systems.
He said, "Most of the current securities rules and regulations are drafted with the premise of regulating issuers and intermediaries, such as broker-dealers, advisors, exchanges, and clearinghouses."
"The drafters of these rules and regulations may not have anticipated that self-executing software code could replace such issuers and intermediaries."
The agency's crypto task force was initiated on January 21 by acting SEC Chairman Mark Uyeda, tasked with establishing a viable crypto framework for the agency.
Atkins revealed in a speech to the Senate Appropriations Subcommittee on Financial Services on June 3 that the SEC will refine its crypto policy through a "notice and comment" process and gradually move away from shaping rules through litigation.
He previously informed lawmakers on May 20 that the crypto task force would release its first report in the coming months.
During the crypto roundtable on Monday, Atkins also criticized the previous administration's approach to cryptocurrencies under former Chairman Gary Gensler.
Gensler faced strong criticism from the crypto industry for allegedly creating policy through lawsuits and legal settlements rather than rulemaking.
Since Gensler's resignation on January 20, the SEC has taken a different stance on cryptocurrencies, withdrawing long-standing enforcement actions against crypto companies.
SEC staff also released guidance on the most common crypto staking activities, stating that they do not violate securities laws and provided information on how federal securities laws apply to cryptocurrencies.
Related: Singapore's Crypto Regulation Upgrade: From Safe Haven to Regulatory High Ground, Do Exchanges Need to "Wander the Earth"?
Original: “SEC Considers Exemption Framework to Promote Crypto Innovation”
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