U.S. SEC Chair Signals Crypto Regulation Direction: Clarifies Investment Contract Framework and Advances Innovation Exemptions and Rulemaking

ZkProver · 2026-02-19T03:46:23+00:00

SEC Chairman Paul Atkins outlined the direction of cryptocurrency regulation at the ETHDenver conference, including clarifying the investment contract framework, establishing innovation exemptions, advancing rules and guidelines, and emphasizing a regulatory approach that ensures market transparency and full disclosure of information, rather than intervening in short-term price fluctuations.

ZkProver

2026-02-19 03:46:23

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ChainCatcher News, the official website of the U.S. Securities and Exchange Commission published a speech by Chair Paul Atkins at the ETHDenver conference, which outlined the agency’s direction for crypto regulation, mainly including:

Clarification of the “Investment Contract” Framework: The commission will research and publish a framework to clarify under what circumstances crypto assets constitute investment contracts, as well as their formation and termination mechanisms.
Innovation Exemptions: Consider establishing innovation exemptions to allow pilot trading of certain tokenized securities under restricted conditions, including limited trading on new platforms such as automated market makers, to accumulate experience for long-term regulatory frameworks.
Advancement of Rules and Guidelines: Plans to initiate or promote rulemaking on topics such as crypto asset financing pathways, broker-dealer custody of non-security crypto assets (including payment stablecoins), and modernization of transfer agent rules; and to continue providing clarity through no-action letters and exemption orders for scenarios like wallets and user interfaces that do not require registration.
Regulatory Philosophy: Paul Atkins emphasized that regulators should not react to short-term price fluctuations. The SEC’s responsibility is to ensure full disclosure and clear rules, enabling market participants to make decisions in a transparent environment, rather than “protecting prices.”

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