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SEC Chairman Paul Atkins Proposes New Regulatory Framework to Modernize Crypto Assets and Transfer Agents

SEC Chairman Paul Atkins announced a new proposal to modernize the regulatory framework for crypto assets and transfer agents in the United States. The administration announced that the Securities and Exchange Commission (SEC) is moving to provide crypto companies with a clearer path to raise capital and bring innovation back to the U.S. shore. Atkins stated that the proposal aims to make the United States the "crypto capital" of the world. The new rules would allow blockchains to serve as official records of transactions, permitting tokens to potentially serve as proof of ownership rather than just digital wrappers. Under the proposal, transfer agents would be required to disclose the number of tokenized securities they maintain and the specific blockchain networks they use. Additionally, the agency is introducing new obligations regarding cybersecurity for these firms. The SEC is also pursuing a roundtable discussion on 24-hour trading and a rule redefining transfer agents to include blockchain technology. Atkins noted that the rules have not been fundamentally amended since the late 1970s and early 1980s. The agency is seeking public comment on these developments as it works alongside Congress on the CLARITY Act.

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