SEC Chair "Pursuing 'innovation exemption' system for virtual asset companies within the year"

Uk Jin

Summary

The U.S. SEC announced it is officially pursuing the introduction of an 'innovation exemption' system for virtual asset companies within the year.
The SEC said it plans to relax some existing regulations for blockchain and digital asset companies through the system.
It said that if the innovation exemption system is introduced, a change in the business environment for the virtual asset industry in the United States is expected.

The U.S. Securities and Exchange Commission (SEC) is attempting to push for the institutionalization of an 'innovation exemption' system for virtual asset (cryptocurrency) companies within the year.

On the 8th (Korean time), according to crypto outlet CoinDesk, SEC Chair Paul Atkins participated in the 'Futures and Derivatives Law Report' event held in New York City and said, "We will pursue formal rulemaking to introduce an innovation exemption system within this year or within the first quarter of next year." However, he added, "If a U.S. government shutdown is prolonged, the schedule may be pushed to next year."

Atkins said, "The virtual asset industry has been suppressed over the past four years, but now we must create an environment in which developers and founders can continue to innovate in the United States," adding, "innovation exemption regulation will be the first step."

The innovation exemption is a system that supports new technology companies such as blockchain and digital asset firms to be exempted from some existing securities regulation requirements so they can legally conduct business in the United States. The SEC has been working on designing the system since last month and plans to prepare a concrete regulatory proposal through official legislative procedures.