US SEC chief vows to prevent problems, not punish them
The Securities and Exchange Commission (SEC) has abandoned the hard-line enforcement approach that characterized the Biden presidency. New Chairman Paul Atkins has promised to warn companies about technical violations before taking serious action against them.
The head of the regulator emphasized that the agency will focus on identifying fraudsters, which is the exact opposite of the position of Gary Gensler, during whose chairmanship the approach to crypto companies was quite critical.
Atkins also criticized the multimillion-dollar fines the commission has forced companies to pay in exchange for dropping claims. The current agency chief wants regulators to act more like teachers disciplining students.
«Shoot first and ask questions later,» is how Atkins described the approach of his Democratic predecessor.
Atkins appears to be making good on Trump’s promise to make America the “crypto capital of the world.” Since January, the Securities and Exchange Commission has already closed several cases against crypto companies, many of which donated to Trump’s inauguration fund.
Unlike Gensler, who considered most digital tokens to be securities requiring strict oversight, Atkins believes that most tokens are not subject to securities laws. He is open to developing rules that would allow 24-hour trading of tokenized stocks and bonds using technology Block.
The agency is also working to standardize record-keeping requirements across different types of financial firms, which currently face conflicting rules.
