INSUBCONTINENT EXCLUSIVE:
The US Securities and Exchange Commission (SEC) is considering the creation of an innovation exemption within its regulatory framework to
foster tokenization, SEC Chair Paul Atkins said during a press event on Friday, according to Bloomberg.In the Bloomberg report, Atkins said
that the SEC staff was considering changes that would promote tokenization, including an innovation exception that would allow for new
trading methods and provide targeted relief to support the development of a tokenized securities ecosystem.Atkins said the movement of
Representatives passed the GENIUS Act, along with two other pieces of crypto legislation: the Digital Asset Market Clarity (CLARITY) Act and
the Anti-CBDC Surveillance State Act.In contrast to his predecessor, Gary Gensler, Atkins is known for his pro-crypto stance
Once signed, the law will take effect 18 months later, or 120 days after the Treasury and Federal Reserve issue final regulations to
implement the GENIUS Act.Divided views on regulatory shiftSupporters in the crypto industry are excited about the bill
Source: @econoarIn an interview with Bloomberg, Atkins responded to concerns that stablecoin issuers may not hold enough hard currency
that these are not securities
Senator Elizabeth Warren criticized the legislation, saying it was insufficient to protect consumers
She said that the bill failed to adequately address the potential risks consumers face, such as market manipulation and fraud.SEC is
government should not stand as a blocking agent for those sorts of things, but we need to enable it in the proper way with proper guidelines
