SEC Chairman Paul Atkins is accelerating comprehensive regulatory reforms for Crypto Assets.

Gate News bot message, SEC Chairman Paul Atkins on June 3 at the Senate Appropriations Committee’s Financial Services and General Government Subcommittee hearing listed digital asset regulation as a top priority. Atkins clearly stated that building a structured and legalized foundation for the crypto assets market will be a focus for the SEC.

He said: “My primary task during my tenure as chairman is to establish a reasonable regulatory framework for the Crypto Assets market, to set clear rules for the issuance, custody, and trading of Crypto Assets, while continuing to prevent bad actors from breaking the law.”

He linked the lack of a clear framework to rising risks, adding: “The lack of a regulatory framework also makes it easy to breed fraudulent activities.”

Atkins emphasized the newly established special working group for Crypto Assets at the agency, which was temporarily led by Commissioner Mark Uyeda and is now led by Commissioner Hester Peirce. The working group has held four public roundtable discussions focusing on fundamental Crypto Assets policy issues—definitions of security, transaction regulation, custody, and tokenization. He noted that the fifth meeting will discuss DeFi and pointed out its growing importance in the global market.

Atkins emphasized that this initiative aims to end the fragmented and passive approach to regulation of Crypto Assets, thereby breaking down the barriers that hinder innovation and investor protection.

Source: Bitcoin.com