Key Takeaways
- An “innovation exemption” would give crypto and non-crypto firms an easier passage to launch on-chain products in the U.S.
- Paul Atkins has launched “Project Crypto” to modernize its laws, policies, and markets for the digital asset era.
- A majority of the SEC’s enforcement actions and cases against the digital assets and blockchain industry have been dropped under Donald Trump’s administration.
The U.S. Securities and Exchange Commission (SEC) plans to introduce an “innovation exemption,” which could soon be in place as the U.S. continues to draw up and implement favorable policies and legislation for the digital asset industry.
Innovation First, Says SEC Chair
Per Bloomberg, SEC Chairman Paul Atkins has said that the agency will be crafting new rules for the sector over the coming months and plans to implement the “innovation exemption” by December.
This exemption would make it easier and faster for crypto and non-crypto firms to launch on-chain products in the U.S.
Speaking with Fox Business, Atkins stated:
“We are looking to implement an innovation exemption by the end of the year. A lot is happening and I am really very excited about giving this industry a solid foundation in America, so that the country can lead through innovation, as the President requested.”
When floating this vision in June, Atkins highlighted that decentralized finance (DeFi) embodied the American spirit of economic liberty, open innovation, and property rights.
In July, Atkins launched Project Crypto, a massive bid to adapt and redesign legacy rules to meet the reality of digital assets and modernize its markets.
Tides of Change For Crypto
Ultimately, Atkins is advocating for a more accommodating regulatory environment for the sector, one that puts an end to the “enforcement only” moves taken by the SEC under former Chair Gary Gensler for four years during Joe Biden’s presidency.
Gensler became notorious for his heavy-handed methods. It was a “shoot first” approach that was criticized for stifling U.S. crypto innovation. And, it was allegedly one part of a broader conspiracy known as “Operation Chokepoint 2.0” to suppress the digital asset sector.
Under Donald Trump, the SEC has reversed and dropped almost all of the cases against crypto firms it stacked up over the past 4 years.
This has also seen the formation of a dedicated Crypto Task Force, headed up by SEC commissioner Hester Peirce, aka “Crypto Mom”, who is currently touring the country to engage with crypto firms.
Whilst Gensler viewed most cryptos as securities, Atkins believes that “very few” are.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
