SEC Chairman: SEC will formulate cryptocurrency policies through the 'Notice and Comment' process

According to Cointelegraph, Paul Atkins, the Chairman of the U.S. Securities and Exchange Commission (SEC), stated during a Senate Appropriations Committee hearing that the agency will shift towards developing cryptocurrency policies through a "notification and comment" process rather than shaping rules through enforcement actions. Atkins stated that the SEC will use its existing authority to develop "appropriate standards" for market participants and emphasized that "clear rules are crucial for investors to prevent fraud". Atkins pointed out that establishing a "rational regulatory framework for cryptocurrency assets" will be a key priority during his tenure. The SEC crypto working group is developing regulations that meet industry needs and allow for innovation, and is expected to release its first report in the coming months. Meanwhile, Atkins has applied to Congress to dissolve the FinHub, which was established in 2018, believing that innovative ideas should be integrated into the overall structure of the SEC.