U.S. SEC Chair: "Virtual Asset Industry to Transition to Innovation-Centric Regulation"

The U.S. Securities and Exchange Commission (SEC) has made virtual assets and tokenization its top priority and is moving to create a pro-innovation regulatory environment.

On the 15th (local time), according to The Block, Chair Atkins said at the 'DC Fintech Week' event in Washington, D.C., "The SEC must now be an agency that manages innovation as well as securities," and stated, "Virtual assets and tokenization are the SEC's number one priority."

He added, "We will establish a clear and reasonable regulatory framework so that innovative companies that left the United States can return," and said, "I would like to call the SEC the 'Securities and Innovation Commission'."

Since taking office in April this year, Chair Atkins has taken an approach opposite to that of his predecessor, Gary Gensler. Former Chair Gensler regarded most virtual assets as securities and pursued a tough enforcement-centered policy of 'regulation by enforcement,' drawing industry backlash.

In contrast, Chair Atkins has made his pro-virtual-asset stance clear, calling blockchain-based distributed ledger technology (DLT) "the most interesting core element of virtual assets." He said, "We plan to introduce an innovation exemption by the end of this year to help companies quickly launch On-chain products and services."

He added, "We are also envisioning an integrated system in the form of a 'Super App' in which multiple agencies cooperate, to improve the inefficiency of having to register virtual asset-related business with multiple agencies."

Meanwhile, as the U.S. government shutdown continues into its second week, the SEC is currently operating with minimal staff in emergency mode.