_This article is from: _FOX

Translation｜Odaily Planet Daily (@OdailyChina); Translator｜Azuma (@azumaeth)_

Editor’s Note: On December 3, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, was interviewed by financial media FOX on the Mornings with Maria program at the New York Stock Exchange. During the interview, Atkins candidly expressed to FOX reporter Maria Bartiromo that he expects the entire U.S. financial market may migrate on-chain in the coming years.

Since officially taking office as SEC Chairman on April 22 of this year, Paul Atkins has repeatedly hinted at favorable regulatory developments regarding cryptocurrencies and has clearly stated that a core priority during his tenure is to establish a reasonable regulatory framework for the cryptocurrency market, setting clear rules for the issuance, custody, and trading of cryptocurrencies while continuously curbing illegal activities. (Refer to the reading: “What signals did the new SEC Chairman reveal in his first Crypto-themed speech?, “Is another spring for DeFi coming with the new SEC Chairman's multiple 'get out of jail free' cards?”)

Below is the complete text of Atkins' interview, translated by Odaily Planet Daily.

Interview Transcript

Opening Introduction: The SEC is committed to formulating new regulations and reforms to enhance economic security and enrich investment diversity. SEC Chairman Paul Atkins was interviewed at the New York Stock Exchange, further explaining the relevant vision.

• Maria: Mr. Chairman, thank you very much for accepting our interview.

Atkins: Thank you, Maria. It’s a pleasure to meet with you today.

• Maria: It has been over 30 years since I first came to the New York Stock Exchange and became the first person to do a live broadcast from the NYSE. In these 30 years, we have seen tremendous changes. How does today’s U.S. capital market differ from 30 years ago?

Atkins: The changes are nothing short of revolutionary. Clearly, technological innovations such as electronic trading and data processing have gradually phased out the traditional trading floor and past operational methods. Everything is now electronic. Interestingly, 30 years ago, I was a young staff member at the SEC, and now this is my third time returning to work at the SEC.

In the early 1990s, you might find it hard to believe that retail investors held more than half of the total market capitalization of listed companies, but that is certainly no longer the case… Individual investors now hold assets more indirectly through vehicles like pensions, ETFs, and mutual funds, but they remain a crucial part of the market. Retail investors are still very important. However, the entire landscape has changed. The market is now faster, more dynamic, and has clearly become globalized. The next wave of transformation will come from digital assets, specifically the digitization and tokenization of the market. I believe this will significantly reduce risks and enhance predictability through on-chain transparency, leading to tremendous benefits.

• Maria: Please elaborate on the concept of tokenization. What does it mean for investors to shift from directly holding stocks or investing through index funds and ETFs to holding tokens that represent a portion of a company's equity? What is the development path?

Atkins: Tokenization involves using smart contracts or on-chain tokens to represent some underlying security. Tokenized securities are essentially still securities and must comply with SEC laws.

The core advantage of tokenization is that if an asset exists on the blockchain, the ownership structure and asset attributes will be highly transparent. Currently, listed companies often do not know who their shareholders are, where they are located, or where their shares are.

Tokenization is also expected to achieve “T+0” settlement, replacing the current “T+1” trading settlement cycle. In principle, the on-chain delivery versus payment (DVP) / receipt versus payment (RVP) mechanism can reduce market risk and enhance transparency, while the time lag between clearing, settlement, and fund delivery is one of the sources of systemic risk.

• Maria: Do you think this is an inevitable trend in financial services? Are mainstream banks and brokerages moving towards tokenization?

Atkins: Absolutely. The world may not even need 10 years… perhaps it will become a reality in just a few years. I believe that the modernization of the market is a positive development, but the problem is that in recent years, the SEC has deviated from its historical tradition—historically, the SEC has not always been an innovator, but at least it has followed the market closely, whereas in recent years it has almost stood in opposition to market innovation. This situation must end. We are actively embracing new technologies to ensure that the U.S. remains at the forefront in areas like cryptocurrency.

The times have changed, and we need to bring new technologies into the country and allow them to develop under U.S. regulations. The collapse of FTX did not affect customer segregated accounts protected by CFTC rules—this is precisely an example of good regulation protecting investors.

• Maria: What specific impact will this have on the SEC's work?

Atkins: We have renamed the original “Crypto Task Force” to “Project Crypto.”

A few weeks ago, I delivered a speech proposing a new classification framework to clarify which assets qualify as securities. Tokenized securities clearly fall under the category of securities, while digital commodities, digital tools, and digital collectibles do not. We will continue to follow the “Howey Test” established by the Supreme Court in 1946 to define the meaning of securities.

At the same time, we plan to launch an “innovation exemption” policy next month, allowing companies to conduct concept validation within controlled parameters such as time, user numbers, and funding scale, and then proceed to market their products after obtaining explicit approval from the SEC. We must provide investors with a clear compliance framework while also offering innovators a certain environment for product development.

• Maria: Have we had enough discussions about legislation related to cryptocurrencies? There are clear rules regarding stablecoins. Is the legislation for digital assets similar? Or is it different?

Atkins: The Genius Act has been passed, which is a very good first step, as it is the first formal recognition of a digital product (stablecoin) in the U.S. We appreciate Congress's passage and the President's signing. There is currently a market structure bill (Clarity Act) that has passed the House and is awaiting further advancement in Congress.

Meanwhile, the SEC and CFTC are actively coordinating the regulatory framework. For a long time, there have been differences between the two agencies, leading to many potential products falling into regulatory gaps. We must work together, the CFTC has expertise in futures and derivatives markets, while the SEC is proficient in the spot market, and there is no reason for us not to collaborate. I believe that cooperation will make the market more efficient and safer.

• _Conclusion: With that, Atkins' remarks concluded, and FOX internal analysts provided additional commentary, mentioning T+0 settlement, asset democratization, and Larry Fink's recent views (which were just published in _The Economist_ on the topic of tokenization)._

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