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“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Securities and Exchange Commission (SEC) Chair Paul Atkins spoke at a Senate hearing on Tuesday to discuss the agency’s shift on cryptocurrency regulation. This comes as the Senate bargains over the President Donald Trump’s “One Big Beautiful Bill” and the GENIUS Act, which would have the federal government invest heavily in cryptocurrency.
Atkins spoke at the Senate Appropriations Subcommittee on Financial Services and General Government, saying the agency will change its rulemaking process regarding crypto from “regulation by enforcement” to ”notice and comment” for crypto issuance, custody, and trading. Among other things, he described how the Trump administration will reduce the government’s policing of crypto. Atkins positioned this move as providing more transparency and acting on more input from the public.
”The Commission will utilize its existing authorities to set fit-for-purpose standards for market participants,” Atkins said in his prepared remarks. “The Commission’s enforcement approach will return to Congress’ original intent, which is to police violations of these established obligations, particularly as they relate to fraud and manipulation.”
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