Cryptocurrency Regulation Enforcement by the Securities and Exchange Commission Has Ended, Claims Ex-Official
Check Out the Latest Securities and Exchange Commission News on Google News titled "New SEC Era for Crypto Enforcement: Shift from Aggressive Tactics to Balanced Rulemaking Approach"
Former U.S. Securities and Exchange Commission (SEC) official John Reed belies that the SEC's crypto enforcement under the new administration is essentially in the rearview mirror. He proclaimed on social media, "Stick a fork in SEC crypto-enforcement, it's done!"
The agency has indeed altered its priorities, renaming the "Crypto Assets and Cyber Unit" to the "Cyber Emerging Technologies Unit" earlier this year. This refresh echoes the shift from crypto-specific enforcement to a broader focus on emerging technologies, encompassing innovative technologies like Artificial Intelligence (AI), blockchain, and more.
Top News Bits:
- Key Changes in SEC's Cryptocurrency Strategy
- Shift from Ad Hoc Enforcement to Regulatory Framework
- Focus on Investor Protection through Clear Rules
- Deprioritization of Registration-Focused Enforcement Actions
- Establishment of the Crypto Task Force
- Operational and Accounting Guidance
Laura D'Allaird, the recently appointed chief of the SEC's Cyber and Emerging Technologies Unit, has shed light on the changes. She divulged that the SEC's priorities are focused in three buckets: rooting out fraud across emerging technologies, ensuring cybersecurity compliance, and investigating cyber-related misconduct.
D'Allaird underscored the importance of being "nimble," keeping pace with innovation. The SEC's main focus lies in protecting investors and facilitating capital formation by weeding out bad actors.
As reported by U.Today, the SEC has dropped high-profile cases against companies like Coinbase, Ripple, and others. Meanwhile, the agency's top litigator, Jorge Tenreiro, underwent a demotion.
These changes coincide with the recent appointment of SEC Chairman Paul Atkins, who has emphasized the desire for a clear, rational regulatory framework for crypto assets and a shift towards establishing rules of the road for crypto asset markets, promoting both investor protection and innovation.
- The Securities and Exchange Commission (SEC) is transitioning from a focus on aggressive crypto enforcement to a more balanced rulemaking approach, as evidenced by the renaming of the Crypto Assets and Cyber Unit to the Cyber Emerging Technologies Unit, which encompasses technologies like Artificial Intelligence (AI), blockchain, and Bitcoin.
- The SEC's Cyber and Emerging Technologies Unit, under the leadership of Laura D'Allaird, has identified three main priorities: rooting out fraud across emerging technologies, ensuring cybersecurity compliance, and investigating cyber-related misconduct, with a focus on protecting investors and facilitating capital formation.
- In line with these changes, the SEC has dropped high-profile cases against companies like Coinbase, Ripple, and others, signaling a potential shift towards promoting innovation in the crypto and finance business sector.
