SEC Chairperson Paul Atkins Promises "Rational" Regulation of Cryptocurrencies

SEC Chairperson Paul Atkins promised a "rational regulatory framework" for crypto assets during a Senate hearing on Tuesday, stressing that policy will be implemented through rulemaking and transparency rather than enforcement actions. He stated that "clear rules are essential to protect investors from fraud" and criticized the suppression of innovation under his predecessor, Gensler. Meanwhile, members of Congress have introduced the CLARITY Act, which aims to remove most crypto assets from the SEC's jurisdiction and establish a new legal framework. Atkins also mentioned that the SEC's newly established crypto task force and the upcoming DeFi Roundtable will support industry innovation, which is expected to bring benefits such as efficiency gains and risk mitigation.