Latest news with #PaulAtkins
Crypto Insight
a day ago
- Business
- Crypto Insight
SEC Chair Atkins considers innovation exemption to boost tokenization
The US Securities and Exchange Commission (SEC) is considering the creation of an innovation exemption within its regulatory framework to foster tokenization, SEC Chair Paul Atkins said during a press event on Friday, according to Bloomberg. 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:
Bloomberg
2 days ago
- Business
- Bloomberg
Bloomberg Surveillance TV: July 18th, 2025
- Christopher Waller, Member-Board of Governors at the Federal Reserve - Paul Atkins, Chairman of the SEC - Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs - Sonal Desai, CIO: Fixed Income at Franklin Templeton Christopher Waller, Member-Board of Governors at the Federal Reserve, joins for a discussion on Fed rate cuts and Fed independence. Paul Atkins, Chairman of the SEC, discusses regulation and the recent Stablecoin bill. Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs, talks about the outlook for global and US equities amid an uncertain inflation and policy path. Sonal Desai, CIO: Fixed Income at Franklin Templeton, discusses warnings signals from the bond market.
Bloomberg
2 days ago
- Business
- Bloomberg
SEC's Atkins on Crypto Rules, Stablecoins, 401(k) Plans
US Securities and Exchange Commission Chairman Paul Atkins says the commission's Crypto Task Forced is focused on making 'clear rules' for cryptocurrencies following the passage of the first-ever federal legislation for stablecoins. Atkins also discusses the potential for private assets and alternative investments in 401(k) retirement plans and the independence of the SEC. (Source: Bloomberg)
Bloomberg
2 days ago
- Business
- Bloomberg
SEC's Atkins Says Changes to 401(k) Plans Must Be Reviewed Carefully
US Securities and Exchange Commission Chairman Paul Atkins says the agency will work closely with its counterparts at the Labor Department when considering potential changes to rules for retirement plans. 'We have to do this in a smart way,' Atkins said an interview Friday on Bloomberg Television's Surveillance.
Arabian Post
2 days ago
- Business
- Arabian Post
US House Green‑Lights First Stablecoin Regulation
The U. S. House of Representatives has approved the GENIUS Act, the inaugural federal regulatory framework targeting fiat‑backed stablecoins, with a decisive 308–122 bipartisan vote on 17 July 2025. With Senate approval secured in June by a 68–30 margin, the legislation now advances to President Trump's desk for signature, anticipated as early as tomorrow. The GENIUS Act mandates that issuers—including banks, credit unions, fintech firms, and select non‑bank entities—maintain one‑to‑one reserves in cash or low‑risk assets such as U. S. Treasury bills, with mandatory monthly public disclosures of reserve composition. It also institutes anti‑money laundering controls, requires issuance organisations to obtain licences from federal or state financial regulators, and prohibits paying interest directly to stablecoin holders. The legislation forms part of a broader 'Crypto Week' effort in the House, which also included passage of the CLARITY Act—allocating oversight of digital asset classification between the SEC and CFTC—and the Anti‑CBDC Surveillance State Act, barring the Federal Reserve from issuing a central bank digital currency. Both now await Senate consideration. ADVERTISEMENT Advocates argue that the GENIUS Act addresses long-standing regulatory uncertainty, providing market stability and consumer safeguards within a $260 billion-plus stablecoin ecosystem. Senior figures from institutions such as JPMorgan Chase, Bank of America, Citi, Walmart, and Amazon have reportedly expressed interest in issuing stablecoins under the new regime. Market sentiment reflects optimism: crypto‑linked equities and assets rose when the House vote was finalised, with Bitcoin nearing record highs above $119,000. Nonetheless, critics highlight significant concerns. Consumer advocates emphasise that stablecoins remain outside FDIC protection and could pose redemption risks or obscure hidden fees. Others express unease over potential weak guardrails: the SEC's Paul Atkins cautioned that regulatory innovation must still ensure sufficient market safeguards. Ethics debates spotlight former President Trump's extensive ties to the crypto industry, including investments in World Liberty Financial and a meme coin touted as generating over $300 million in related revenues. Opponents claim this raises conflict‑of‑interest questions and risks favouring Trump‑linked enterprises, though the White House has asserted asset segregation via a family trust. In Congress, both Democratic and Republican proponents defended the legislation for delivering much‑needed structure. Democratic Rep. Josh Gottheimer remarked that introducing 'some rules of the road' was preferable to having none. Opposing voices like Rep. Maxine Waters cautioned that the law might 'signal tolerance for corruption' without closing presidential exemptions from conflict‑of‑interest prohibitions. Meanwhile, Senate Democrats, including Richard Blumenthal, criticised the bill's failure to eliminate loopholes or demand stronger consumer protection standards. Beyond federal oversight, the GENIUS Act introduces a layered supervisory model: federal agencies will regulate larger issuers and interstate entities, while state regulators handle smaller players—those issuing under $10 billion annually. The legislation sets out implementation timelines, including one‑year deadlines for rule‑making and an 18‑month effective date, with a three‑year transition period before enforcement on custody and transaction restrictions. Industry stakeholders anticipate dramatic market growth. Scott Bessent, Treasury secretary, projected the stablecoin market could swell from around $195 billion to over $2 trillion following the GENIUS Act's implementation. Christian Catalini of the MIT Cryptoeconomics Lab predicted fierce competition as banks and fintechs join traditional issuers with consumer trust bolstered by regulation. The crypto sector, stung by past regulatory setbacks under the prior administration's enforcement actions, now views the GENIUS Act as a turning point. Major players like Circle and Coinbase backed the measure after directing substantial lobbying resources toward lawmakers. Jennifer Nolan, head of the Blockchain Association, described it as a 'defining moment in the evolution of U. S. digital asset policy'. With presidential signature expected imminently, the GENIUS Act is poised to redefine the U. S. approach to stablecoins—ushering in regulated issuance, enhanced transparency, and heightened institutional involvement. Its progress also spotlights ongoing debates about market oversight, political influence, and financial stability in an increasingly digital economy.
