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▲ U.S. Securities and Exchange Commission (SEC), cryptocurrency regulation, cryptocurrency innovation/AI-generated image
The U.S. Securities and Exchange Commission (SEC) has declared a new era embracing innovation, moving away from enforcement-centric regulation of virtual assets, and promising full support for the establishment of a blockchain-based financial system.
On April 28 (local time) at Bitcoin 2026 in Las Vegas, SEC Commissioner Paul Atkins declared a 180-degree shift in the SEC's regulatory stance. Atkins stated, "In the past, the SEC either stood by digital assets or relied solely on enforcement," adding, "Now, we are focused on removing obstacles that hinder innovation." He explained that this faithfully fulfills President Donald Trump's challenge to create a tech-friendly environment so that innovators in the U.S. do not leave overseas to avoid complex regulatory procedures.
To resolve regulatory uncertainties, the SEC is establishing an unprecedented cooperative relationship with the Commodity Futures Trading Commission (CFTC). Atkins stated that he is in close communication with CFTC Chairman Mike Selig to develop joint interpretive guidelines for tokenized securities, thereby ending jurisdictional disputes between the agencies. He also clarified that a modern reinterpretation of the 1946 Howey case indicates that the essence of a security lies not in the token itself but in the promises and expectations surrounding it. This is the result of adopting a principles-based approach to provide guidelines that exclude digital goods, collectibles, and stablecoins from the scope of securities.
The passage of the stablecoin regulation act GENIUS marked a turning point for the virtual asset market to take a leap forward. Atkins regarded the act's clear recognition that stablecoins are not securities as a significant achievement. However, he emphasized that institutionalization through congressional legislation is essential for favorable policies to continue under the next administration. The analysis suggests that only with the passage of the U.S. cryptocurrency market structure bill can the legal foundation be solidified and a future-proof environment be completed, allowing innovators to pursue their businesses with confidence.
The introduction of stock tokenization and real-time settlement systems using distributed ledger technology is an alternative that will fundamentally revolutionize risks in the financial market. Atkins plans to actively foster T+0 settlement, an on-chain instant settlement system, to minimize investor risks arising from the time lag between trading and settlement. These changes are expected to benefit existing financial participants, strengthen U.S. financial competitiveness, and provide consumers with an optimal investment environment. Virtual assets, including Bitcoin (BTC), are now recognized for their asset value within a transparent institutional framework.
In the coming weeks, the SEC will announce innovative exemption provisions to pave the way for companies to issue and trade security tokens on-chain. As various assets, including XRP, are traded in the market according to a clear classification system, the overall liquidity of the virtual asset ecosystem is expanding. Atkins is doing his best to establish legal mechanisms to prevent regulatory directions from being swayed by election results. The U.S. financial system, combined with blockchain technology, has entered a new phase, simultaneously ensuring efficiency and reliability.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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