Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), spoke about how the regulatory agency is handling digital asset fraud enforcement under its "Project Crypto" initiative and pending legislation in Congress.
In a prepared speech delivered on Wednesday (November 13) at the Federal Reserve Bank of Philadelphia, Atkins detailed the agency's plans to modernize its approach to digital asset regulation.
According to Atkins, the agency plans to consider "establishing a token classification system" in the coming months, which would be "anchored" to the Howey test—the SEC's standard for assessing securities—to recognize that "investment contracts can terminate."
"Commissioner Hester Peirce rightly pointed out that while the initial issuance of project tokens may involve investment contracts, those commitments may not last forever," Atkins stated, adding that "once an investment contract can be understood as having completed its process, the tokens may continue to trade, but those trades are no longer 'securities transactions.'"
Atkins indicated that during his tenure leading the agency, he would consider digital goods, digital collectibles, digital tools, and network tokens as not falling under its jurisdiction as securities. In contrast, "tokenized securities" will continue to be regulated by the SEC.
"In the coming months, as envisioned by the legislation currently submitted to Congress, I hope the Commission will also consider a package of exemption proposals to create a tailored issuance regime for crypto assets that are subject to or bound by investment contracts," Atkins said.
The SEC Chairman also commented on the agency's stance regarding the market structure bill currently under consideration in the U.S. Senate:
Despite the U.S. government being in a shutdown as of Wednesday afternoon, House members are expected to vote tonight on a funding bill that has already passed the Senate. The bill aims to fund the government through the end of January, following a shutdown that has lasted over 40 days.
The Senate has continued to meet during the shutdown, and reports indicate that some senators are negotiating the terms of the market structure bill. On Monday (November 10), Republican leaders of the Senate Agriculture Committee released a discussion draft of the bill, marking progress.
Related: Arthur Hayes calls on Zcash holders to withdraw from centralized exchanges (CEX) and "protect" their assets
Original article: “SEC Chair Promises No 'Lax Enforcement' on Cryptocurrency Under Market Structure”
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