The chairman of the US Securities and Exchange Commission (SEC) continued to steal the regulatory agency in a different direction rather than its previous policy on the first implementation to the crypto industry.
In a interview With the Financial Times published Monday, Sec Chairman Paul Atkins The agency said to depart from aggressive actions that are commonly implemented during the administration of former President Joe Biden and former SEC chair Gary Gensler.
US cryptocurrency businesses can now expect initial notifications of technical violations before any agency implementation actions, Atkins told FT.
“You can’t suddenly come and drop their door and say uh-uh, we caught you, you are doing something and it’s a technical violation,” Atkins said, adding that businesses can now expect to receive an initial notice.
The comments were marked with a sharp departure from the heavy agenda of implementing his predecessor, Gensler, who was often criticized for the leadership of the agency’s agency approach to regulation by implementation.
Under Gensler’s leadership, the SEC began the suits against some of the largest companies in the industry, including the Suing ripple labs In 2020, Terraform labs in 2022 and Cryptocurrency exits Binance, Coinbase and Kraken In 2023. Those cases were worth the billions of industry in legal fees.
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Previous SEC implementation actions are not “premise in the preceding,” Atkins says
Commenting on previous actions on Gensler’s implementation, Atkins said people have “properly criticized the SEC” in recent years because these decisions have been “not based on previous” or “predictable.”
“It will be taken first and then ask later,” said Atkins, adding that the regulator process should be allowed for a potential period of six months before the implementation actions were taken against businesses.
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He also moves himself to Gensler’s previous claim that most cryptocurrencies should be treated as security. Atkins said most tokens do not fall under security laws and he plans to support the trading of tokenized versions of stocks and bonds with the same legal rights as their underlying ownership.
Atkins is confirmed as New SEC Chairman in a 52–44 US Senate vote on April 9, Cointelegraph reported.
The SEC was created by a Crypto Task Force To consult the regulatory industry and collapse many crypto -related investigations and enforcement actions conducted under Gensler’s leadership.
Magazine: SEC U-Turn to Crypto leaves key questions that are not answered
