The U.S. Securities and Exchange Commission (SEC) is beginning to overhaul cryptocurrency regulation.
The SEC released its regulatory overhaul plan for the coming months on the 4th (local time). One of the plan's key elements is cryptocurrency. SEC Commissioner Paul Atkins said in a statement that "the agenda includes potential rule proposals related to the issuance and sale of cryptocurrencies" and that it is "to clarify the cryptocurrency regulatory framework and provide greater certainty to the market."
Commissioner Atkins emphasized "resolving regulatory uncertainty." Atkins said, "As a commissioner, a core priority is to establish clear rules for the issuance, custody, and trading of cryptocurrencies," and added, "the agenda also includes a number of proposals to ease regulation." He went on to say, "It is intended to reduce regulatory burdens and promote capital formation," and "it also addresses revising existing rules to improve and modernize them and to ease disclosure burdens."
Expectations in the cryptocurrency industry are also growing. Reuters reported that "the cryptocurrency industry has long called for tailored regulations that would allow cryptocurrencies to be more closely integrated with traditional finance," and that "if such policies are enacted, it would be a major victory for the cryptocurrency industry."