President Donald Trump’s choice to run the US Securities and Exchange Commission (SEC) says that the lack of regulatory clarity hinders the growth of the crypto industry.
During his nomination hearing for the senate banking committee on 27 March, Paul Atkins said that he has witnessed the influence of markets and investors of the regulations.
“Since 2017, because I have led the industrial efforts to develop best practices for the digital asset industry, I have seen how ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation.”
In order to take on the challenges that result from the absence of clear rules for digital assets, Atkins said that he will work on setting up a Crypto regulatory framework.
“A top priority of my chairmanship will be to collaborate with my colleague commissioners and the congress to offer a solid regulatory basis for digital assets through a rational, coherent and principle approach.”
Atkins, who also served as chairman of the 2002 to 2008 to 2008 under President George W. Bush, said that the implementation of regulations is also crucial.
“It is one thing to write a regulation, something completely different to achieve the intended goal. Regulation must ideally be smart, effective and properly coordinated in the boundaries of the legal authority of the regulator. In short, clear rules of the road supply all market participants.”
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