SEC Targets 'Innovation Exemption' Rulemaking Amid Government Shutdown Uncertainty
SEC Chair Paul Atkins stresses the need for a regulatory framework to support crypto innovation, describing the U.S. as '10 years behind' while addressing potential delays from the government shutdown.
Fact Check
The statement is directly supported by a LinkedIn source (Evidence 1 & 9), which explicitly states, 'The SEC is preparing to roll out an “innovation exemption” to ... Despite the ongoing government shutdown, the agency aims to finalize...'. While this is the only source that confirms all parts of the statement, other evidence corroborates that the SEC is concerned with innovation and continues to operate during government shutdowns, lending plausibility to the primary claim.
Summary
SEC Chair Paul Atkins emphasized the agency's focus on building a regulatory framework to attract innovation in cryptocurrency and digital assets. Speaking at Washington DC Fintech Week, he noted that the U.S. is '10 years behind' on crypto regulation and that creating such a framework is 'job one' for the SEC. Atkins also discussed potential 'innovation exemptions' to foster development, though the ongoing government shutdown may cause delays in these efforts.
Terms & Concepts
- Innovation Exemption: A proposed SEC regulatory framework designed to give companies flexibility to develop digital assets and other innovative technologies in the U.S. without restrictive enforcement actions.