The U.S. financial regulator, the SEC, is reportedly developing a new approach that could accelerate the introduction of crypto-related financial offerings.
Paul Atkins, a leading figure at the SEC, indicated that the agency is developing a proposed “innovation waiver” with the goal of releasing it before year’s end.
In a recent interview on Fox Business, Atkins mentioned that the SEC is formulating rules in the coming months to implement this waiver. The objective is to give digital asset companies a temporary, streamlined pathway forward.
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Under this scheme, these companies could potentially launch new offerings with reduced hurdles while the SEC formulates well-defined and specific rules tailored for the crypto sector.
This waiver approach wouldn’t eliminate supervision completely. It would, instead, afford businesses a temporary opportunity to function under a more relaxed regulatory framework.
Atkins also answered a question concerning the recent introduction of the first US-based crypto investment product consisting of multiple digital currencies. This exchange-traded product (ETP), released on September 19th, provides investors with exposure to Bitcoin
The launch occurred under a revised framework adopted by the SEC that streamlines the process for listing specific exchange-traded funds (ETFs) according to Rule 6c-11.
He clarified that the SEC is aiming to shift away from individual approvals and instead provide a predictable set of guidelines. The intention is to establish a reliable landscape where businesses can strategize and introduce products with greater transparency.
Atkins recently presented a proposition that would enable firms offering crypto services – trading, lending, and staking – to operate under a unified regulatory structure. Keen to know more? Access the complete article here.