SEC Chair: US Is Falling Behind in Cryptocurrency Regulations

During a recent event in Washington, DC, SEC Chair Paul Atkins stated the United States is lagging by about ten years regarding cryptocurrency adoption, emphasizing that addressing this shortcoming is the primary objective for the agency.

Speaking at the DC Fintech Week event, Atkins commented on the urgent need to build a regulatory framework aimed at attracting innovation back to the US. He remarked, “The crypto aspect is our job one.”

Atkins expressed that the SEC is committed to creating an environment conducive for those who may have moved abroad to return to the US for innovation. He humorously noted, “I like to say that we’re the securities and innovation commission now.”

Innovation Exemptions

Atkins further elaborated on the SEC’s role in embracing innovation through suitable crypto regulation. He mentioned the potential for an “innovation exemption” that would permit experimentation with new financial technologies. He commented, “We at SEC with respect to our statutes have pretty broad authority for exemptions to be made, and so I think we can be, you know, very forward-leaning in that to accommodate new ideas.”

Advocacy for Superapps

The SEC Chair voiced support for the concept of superapps—financial platforms that integrate various services into a single interface. He suggested that appropriate regulations could promote the development of such applications, which have so far not materialized in the US, unlike in China.

Atkins stated that increasing backing from US regulatory agencies might foster the rise of these services and mentioned his support for platforms offering multiple financial services under a unified regulatory framework.

He concluded by indicating that innovative regulatory coordination could help streamline various agencies, although he did not provide specific details on implementation. Atkins reaffirmed that making the US a hub for crypto innovation, rather than an afterthought, remains a top priority.