TechFlow, May 13 — According to The Block, Paul Atkins, the newly appointed chair of the U.S. Securities and Exchange Commission (SEC), announced a significant shift in cryptocurrency regulation. Atkins criticized former chair Gary Gensler's approach as a "ostrich strategy," emphasizing that standards suitable for market participants would be established through existing rulemaking, interpretation, and exemption authority, rather than relying on ad hoc enforcement actions. This marks a departure from the strategy pursued under former chair Gary Gensler. Atkins stated that the SEC will draft guidance on securities or "investment contract" assets and consider updating custody rules to allow self-custody under certain conditions. Additionally, the SEC may explore offering conditional exemptions to companies wishing to launch new products.
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