TechFlow News, February 11: According to an official disclosure by the U.S. Securities and Exchange Commission (SEC), SEC Chair Paul Atkins testified before the U.S. House Committee on Financial Services, stating that the U.S. cryptocurrency market urgently requires a federal regulatory framework. Atkins expressed support for Congress passing the CLARITY Act, calling it landmark legislation for the cryptocurrency market.
Prior to the enactment of such legislation, the SEC and the Commodity Futures Trading Commission (CFTC) will establish a transitional mechanism through Project Crypto, considering the development of token classification standards to provide investors and innovators with clear guidance on regulatory obligations, and exploring exemptions permitting market participants to move and trade tokens on-chain.
Atkins noted that under the leadership of Commissioner Hester Peirce’s cryptocurrency task force, the SEC has provided more regulatory clarity over the past year than in the previous decade—but bipartisan market-structure legislation remains the strongest safeguard for the future.
