SEC Chairman Talks About Bitcoin (BTC) and Cryptocurrencies! Are New Rules On The Way?

US Securities and Exchange Commission (SEC) Chairman Paul Atkins made statements about Bitcoin (BTC) and cryptocurrencies in his statement to the Senate Financial Services Appropriations Subcommittee.

The SEC Chairman said the agencys cryptocurrency policy “will be done through notice and comment rulemaking, not enforcement.”

At this point, the SEC Chairman said the agency would move away from shaping crypto rules through the courts and enforcement.

Atkins said their main priority is to create clear crypto rules that protect investors and guard against scams.

Clear rules of the road are essential to protect investors from fraud, not least to help them spot scams that do not comply with the law.

Policy making will be done through notification and comment, not through enforcement.

For years, the SECs primary approach to crypto has been surprise lawsuits and tough action. This was especially true under former SEC Chairman Gary Gensler. But those days are over.

Stating that the SEC will set “clear rules” for the issuance, storage and trading of cryptocurrencies, Atkins added that it will also prevent malicious individuals from violating the law.

The SEC Chair also praised members Hester Peirce and Mark Uyeda for launching the Crypto Task Force. The task force has so far held roundtables on key issues such as what counts as a security, how to regulate crypto trading and custody, and tokenization.