According to official disclosures by the U.S. Securities and Exchange Commission (SEC), SEC Chairman Paul Atkins testified before the U.S. House Committee on Financial Services that the U.S. cryptocurrency market urgently needs a federal regulatory framework. Atkins supports Congress passing the CLARITY Act, viewing it as landmark legislation for the cryptocurrency market. Before legislation is finalized, the SEC and the Commodity Futures Trading Commission (CFTC) will establish a transitional mechanism through Project Crypto, considering the development of token classification standards to provide clear regulatory guidance for investors and innovators, and exploring exemptions for market participants to move and trade on-chain. Atkins stated that, under the leadership of Commissioner Hester Peirce’s cryptocurrency task force, the SEC has provided more regulatory clarity in the past year than in the previous decade, but bipartisan market structure legislation remains the strongest safeguard for the future.
U.S. SEC Chair Calls for Federal Crypto Regulation Framework, Collaboration with CFTC
TechFlowShare
Summary
U.S. SEC Chair Paul Atkins urged Congress to pass the CLARITY Act, calling it a key step for the crypto market. He emphasized the need for a federal compliance framework and collaboration with the CFTC under Project Crypto. The SEC, led by Commissioner Hester Peirce, has improved regulatory clarity, but Atkins stressed that bipartisan legislation remains essential. The CFT (Countering the Financing of Terrorism) agenda will also shape future compliance efforts as the agencies work to define token standards and transaction exemptions.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.