Paul Atkins, the new chair of the US Securities and Exchange Commission, is pushing to “future-proof” SEC policies for the crypto industry. He aims to remove or weaken regulations on public and private markets to ensure lasting impact even after Trump. Collaboration with the CFTC is key to prevent obstacles for digital assets.
Under Atkins, the SEC has shifted its approach to digital assets, changing listing standards for ETFs and considering abandoning quarterly reporting requirements. The momentum behind digital assets in the US is challenging to reverse, aligning traditional capital markets with decentralized finance. Collaboration with the CFTC aims to harmonize regulations.
Atkins has the authority to propose rules favoring the crypto industry, but his close alignment with the current administration could be questioned under a new president. A future administration might not be able to quickly reverse Atkins’ agenda due to existing policies. Regulatory shifts could slow innovation but not dismantle the ecosystem.
Future SEC chairs may not unilaterally change the agency’s rules, but they could adjust internal priorities set by Atkins. A market structure bill in the US Senate could significantly impact SEC regulations, requiring another act of Congress to change. SEC and CFTC regulations under the bill could be amended or withdrawn easier.
The US government is in its ninth day of a shutdown, with the SEC operating on reduced staff. Atkins assures that the agency is “not slowing down” amid the shutdown. Questions remain about the SEC’s U-turn on crypto regulations, leaving key issues unanswered. Atkins has not responded to requests for comment. 1. The stock market experienced a sharp decline today, with the S&P 500 dropping by 3.5%, the Dow Jones Industrial Average falling by 4.6%, and the Nasdaq decreasing by 2.2%. This was the largest single-day drop for the Dow since October.
2. The unemployment rate in the United States has reached a record low of 3.8%, with over 850,000 jobs added in the last month. This is the lowest unemployment rate since 1969, signaling a strong job market and economic growth.
3. The Federal Reserve announced that it will be raising interest rates by 0.25%, citing strong economic indicators and inflation concerns. This marks the fourth rate hike this year, with projections for more increases in 2022.
4. In international news, tensions are rising between Russia and Ukraine as Russian troops continue to build up along the border. The United States and European Union have condemned the actions, urging Russia to de-escalate the situation and respect Ukraine’s sovereignty.
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