SEC Chairman Atkins: We will accelerate key work on crypto regulation next year.

According to Odaily Planet Daily, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated at the Blockchain Association Policy Summit that the SEC will take faster action on several crypto-related agendas next year, saying, "You haven't seen anything yet," and that the regulatory "seeds" planted this year will begin to "sprout and bear fruit" next year.

Atkins recently proposed a "token taxonomy" framework to clarify which crypto assets qualify as securities and launched "Project Crypto" to update the SEC's regulatory rules on digital assets. He also promoted an "innovation exemption" to provide conditional, limited-term regulatory relief for crypto and fintech projects, aiming to reduce compliance costs and promote experimentation. He revealed that this exemption rule could be launched as early as the end of January next year.

Compared to former chairman Gary Gensler's emphasis on "enforcement and regulation," Atkins' approach leans more towards providing the industry with clear rules and room for development. Regarding token classification standards, he stated that ultimately, it still depends on the crypto market structure legislation currently being pushed forward by Congress. This bill aims to clarify the regulatory boundaries between the SEC and CFTC, and the Senate Banking Committee is currently working to advance this process within the year. (The Block)