The president of the United States Securities and Securities Commission (SEC), Paul Atkins, said that “most cryptographic tokens are not values”, while describing a hunger plan to integrate cryptographic activities such as trade, loans and the regulatory framework unipide.
“It is a new day at the SEC,” Atkins said during an opening speech at the Round Table of the Organization for Economic Cooperation and Development (OECD) in Paris on Wednesday.
“The policy will no longer be established by ad hoc compliance actions,” he added, to contract the aggressive repression of the previous administration against cryptographic companies. “We will provide clear and predictable rules on the way so that innovators can prosper in the United States,” ATKINS said.
According to the Crypto Project initiative, the SEC aims to modernize its stock regulations to accommodate blockchain financial markets. According to Atkins, the president’s working group in digital asset markets has already delivered a “bold plan” to support this mission.
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SEC Open by crypt “super applications”
The updated SEC strategy includes allowing platforms to work as “super applications” that can facilitate trade, loans and digital asset strike under a regulatory umbrella. Atkins said the thesis platforms should also have the flexibility of sacrificing multiple custody solutions.
“I think regulators should provide the minimum regulation dose necessary to protect investors, and no more,” ATKINS said. “We should not overload businessmen with duplication rules that only larger holders can support.”
Atkins also praised the markets of the markets of the European Union in the crypto-active framework (MICA), saying that it provides “an integral regime of digital assets” and pointed out that the political leaders of the United States could learn from the first regulatory steps in Europe.
The Chief of the SEC requested international cooperation to “facilitation of more innovative markets.” “Working together, as Alexandre de Tocqueville could have said, we can” extend the sphere “of freedom and prosperity,” he concluded.
Related: The SEC recedes decisions on cryptographic ETFs of the Bitwise Gray Scale to November
EU squeezes cryptographic grip for banks
Last month, the final rules of the European Banking Authority (EBA) that will require EU based banks to have significantly more capital against non -backed cryptocurrencies such as Bitcoin (BTC) and Ethher (ETH). These drafts of regulatory standards are now pending revision of the European Commission.
According to the proposed framework, unaccited digital assets such as Bitcoin fall into “Group 2B” and carry a risk weight of 1,250% HIV, which means that banks must set aside a substantial capital shock absorber.
The conservative approach of the EBA contrasts with the movements in other jurisdictions. In the US, the FDIC now allows supervised banks to participate in cryptographic activities without a previous approach, while Switzerland has updated its DLT laws to support cryptoy custody and Stablecoin guarantees.
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