In the wake of a pivotal vote on three significant cryptocurrency bills, the Securities and Exchange Commission (SEC) is reportedly evaluating potential regulatory adjustments concerning digital assets to stimulate industry growth.
SEC Contemplates Regulatory Adjustments
On Thursday, SEC Chairman Paul Atkins confirmed that the agency is investigating changes to support tokenization. According to a Bloomberg report, Atkins stated, “Our team is assessing what additional modifications might be necessary to encourage tokenization within our regulatory structure.”
Among these changes, the SEC is considering an innovation exception that would “allow innovative trading methods and more specific forms of relief to aid in the development of other elements of a tokenized securities ecosystem,” Atkins mentioned during a press briefing.
He noted that although the future remains uncertain, the transition of assets onto the blockchain appears unavoidable. “If it can be tokenized, it will be tokenized,” Atkins asserted. He further emphasized Thursday’s “historic move” towards establishing the US as “the Crypto capital of the world,” a promise made previously by President Donald Trump.
Atkins reportedly commended the approval of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, expressing that the agency anticipates “creating clear regulatory pathways” for the crypto sector.
As noted by Bitcoinist, the GENIUS Act, focusing on stablecoin regulation, passed the House of Representatives with a 308-122 vote. Supported by 102 Democrats, the bill now awaits President Trump’s signature and is poised to become the first major piece of crypto legislation to be enacted.
The official signing ceremony, set for today at 2:30 PM EST, will include industry leaders and lawmakers, as per White House invitations.
Enhanced Crypto Regulations to Bolster US Dollar and Innovation
Bloomberg’s report highlighted that proponents believe the legislation could facilitate quicker and more affordable payment methods while legitimizing the sector, which is expected to surpass $3 billion in the near future.
In a Friday conversation with Fox News, MARA CEO Fred Thiel expressed that the passage of the crypto bill demonstrates the US’s global leadership stance, adding that he is optimistic about the positive impact of a defined regulatory framework on Bitcoin and the broader crypto market.
“The GENIUS Act will significantly enhance trust in stablecoins,” he remarked, explaining that “by removing barriers and providing clarity, markets can operate more freely.”
“I believe the crypto industry will increasingly engage with traditional finance sectors,” Thiel continued, stating, “We are witnessing the swift evolution of an industry under a robust set of regulations that facilitate market oversight and control.”
Similarly, US Deputy Treasury Secretary Michael Faulkender informed CNBC that the government is offering regulatory and legislative clarity to modernize the payment system and foster the burgeoning crypto industry.
This initiative will further solidify the dollar as the world’s reserve currency by streamlining international and domestic trade through electronic means and blockchain technology.
Faulkender believes that providing this legislative clarity will instill confidence in Americans regarding these new systems, concluding that “without such clarity, innovation will shift overseas, which is not what the American populace desires.”
