SEC Chair Criticizes Past Inaction on Crypto, Accelerates Regulatory and Tokenization Efforts

The current SEC Chairman, Paul Atkins, has voiced strong criticism regarding the previous administration's approach to cryptocurrency innovation. Speaking at a University of Texas event, Atkins stated that his predecessor, Gary Gensler, "did not try to adapt to innovation," leading the United States to "miss a major opportunity" in the digital asset space. The SEC is now reportedly working to catch up.

Since the Trump administration, the SEC has adopted a more industry-friendly stance. This includes establishing a dedicated crypto task force, rescinding several enforcement actions against major institutions, and launching "Project Crypto" to modernize regulations.

Atkins highlighted the significant potential of distributed ledger technology in payment clearing and settlement. He also revealed that the SEC has approved WisdomTree's 7x24-hour settlement tokenized money market fund and plans to further advance tokenized bank deposits.

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