SEC Chair Atkins considers innovation exemption to boost tokenization
In the Bloomberg report, Atkins said that the SEC staff was considering changes that would promote tokenization, including an innovation exception that would allow for new trading methods and provide targeted relief to support the development of a tokenized securities ecosystem.
Atkins said the movement of assets onchain is inevitable, stating: 'If it can be tokenized, it will be tokenized.' While he acknowledged the uncertainty of the outcome, he was optimistic about the industry's future.
On Thursday, the US House of Representatives passed the GENIUS Act, along with two other pieces of crypto legislation: the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act.
In contrast to his predecessor, Gary Gensler, Atkins is known for his pro-crypto stance. Following the passage of the GENIUS Act, Atkins said: 'Blockchain and crypto asset technologies have the potential to revolutionize America's financial infrastructure and deliver new efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans.'
The stablecoin legislation is now set to be sent to President Donald Trump for approval. Once signed, the law will take effect 18 months later, or 120 days after the Treasury and Federal Reserve issue final regulations to implement the GENIUS Act. Divided views on regulatory shift
Supporters in the crypto industry are excited about the bill. Ethereum developer Eric Conner described this act as 'the clearest signal yet that DeFi is winning the regulatory argument.'
In an interview with Bloomberg, Atkins responded to concerns that stablecoin issuers may not hold enough hard currency reserves to truly back the value of their coins, stating: 'One thing that I think the new bill, soon to be signed into law, makes clear is that these are not securities. It's the banking regulators who will be overseeing them, and I think that's appropriate.'
Still, some expressed a conservative attitude. Senator Elizabeth Warren criticized the legislation, saying it was insufficient to protect consumers. She said that the bill failed to adequately address the potential risks consumers face, such as market manipulation and fraud. SEC is cautious about including crypto in retirement plans
In the Friday interview, Atkins emphasized the importance of disclosure, saying, 'The government should not stand as a blocking agent for those sorts of things, but we need to enable it in the proper way with proper guidelines and proper disclosures.'
Source: https://cointelegraph.com/news/sec-tokenization-exemption-genius-act-passes
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