During a recent interview, U.S. Securities and Exchange Commission Chair Paul Atkins stated that he believes the SEC has the legal tools to create exemptions or rules that foster innovation without waiting for new legislation.
“We have enough authority to drive forward…I’m looking forward to having an innovation exemption that we’ve been talking about…We’ll be able to embrace this new area of innovation that for too long…the United States basically has just pushed back against,” he told CNBC’s Squawk Box.
He views crypto as an innovative sector that the U.S. has historically been slow to support.
“We’ll be able to embrace this new area of innovation that for too long…the United States basically has just pushed back against,” he said.
Outdated rules
Atkins has also noted that regulatory rules are currently outdated and can hinder companies from raising money efficiently.
His goal is to make capital formation easier, particularly for IPOs and small/medium-sized companies.
“I want to make sure that we’re modernizing our rule book, making sure that we are keeping pace with where we should be as far as ease of raising capital,” he said.
The decline of public markets
The decline of public markets appears to be a key concern for Atkins. Fewer listed companies mean less public access to investment opportunities and less transparency compared to private markets. He views this as partly a regulatory issue.
“We today have half, more or less half the number of public companies that we had 30 years ago,” he said.
Source: https://u.today/innovation-exemption-for-crypto-coming-soon-sec-chair-says