The SEC Chairman signals the direction of cryptocurrency regulation: clarifying the investment contract framework and promoting innovation exemptions and rule-making

The official website of the U.S. Securities and Exchange Commission published a speech by Chairman Paul Atkins at the ETHDenver conference, outlining the agency's direction on cryptocurrency regulation, which mainly includes:

1. Clarifying the "investment contract" framework: The Commission will study and publish a framework that clarifies under what circumstances crypto assets constitute investment contracts, as well as their formation and termination mechanisms.

2. Innovation exemptions: Considering the establishment of innovation exemptions that allow for pilot trading of certain tokenized securities under restricted conditions, including limited trading on new platforms such as automated market makers, to accumulate experience for a long-term regulatory framework.

3. Advancement of rules and guidance: Plans to initiate or advance rulemaking on topics such as financing pathways for crypto assets, broker-dealer custody for non-securities crypto assets (including payment stablecoins), and modernization of transfer agent rules; and continue to provide clarity for non-registration scenarios such as wallets and user interfaces through no-action letters and exemption orders.

4. Regulatory philosophy: Paul Atkins emphasized that regulators should not react to short-term price fluctuations. The responsibility of the U.S. Securities and Exchange Commission is to ensure adequate information disclosure and clear rules, allowing market participants to make decisions in a transparent environment, rather than "supporting prices."