SEC crypto task force to release first report ‘in the next few months’

US Securities and Alternate Fee (SEC) Chair Paul Atkins appeared earlier than lawmakers in one in every of his first hearings since taking the reins on the monetary regulator, addressing questions on his plans for the cryptocurrency business.

In a Could 20 listening to discussing oversight of the SEC, Atkins reiterated his pledge to make regulating digital belongings a “key precedence” whereas chair. In response to questions from North Carolina Consultant Chuck Edwards, the SEC chair didn’t immediately answer how a lot of the regulator’s funds have been used to assist the crypto activity drive headed by Commissioner Hester Peirce, and mentioned its findings have been “nonetheless below growth.”

“We needs to be having one thing right here within the subsequent few months with proposed steps ahead,” mentioned Atkins, referring to the duty drive’s first report. 

Atkins’ look on the oversight listening to was one in every of his first since being sworn into workplace in April. Nominated by US President Donald Trump, Atkins, additionally a former commissioner, was seen by many lawmakers and people within the digital asset business as somebody who might seriously change the SEC’s strategy to crypto. 

Trying to Congress for assist with regulatory readability

Atkins’ remarks got here lower than 24 hours after US senators voted to move forward on consideration of a invoice to control stablecoins, the Guiding and Establishing Nationwide Innovation for US Stablecoins Act, or GENIUS Act. The invoice is one in every of many associated to points of digital belongings that would have an effect on how the SEC regulates the business alongside businesses just like the Commodity Futures Buying and selling Fee (CFTC).

“No matter occurs in Congress […] that may assist undergird what we do,” mentioned Atkins.

Associated: Paul Atkins: ‘Crypto markets have been languishing in SEC limbo’