SEC crypto task force to release first report ‘in the next few months'
US Securities and Exchange Commission (SEC) Chair Paul Atkins appeared before lawmakers in one of his first hearings since taking the reins at the financial regulator, addressing questions about his plans for the cryptocurrency industry.
In a May 20 hearing discussing oversight of the SEC, Atkins reiterated his pledge to make regulating digital assets a 'key priority' while chair. In response to questions from North Carolina Representative Chuck Edwards, the SEC chair did not directly answer how much of the regulator's funds were used to support the crypto task force headed by Commissioner Hester Peirce, and said its findings were 'still under development.'
'We should be having something here in the next few months with proposed steps forward,' said Atkins, referring to the task force's first report.
Atkins' appearance at the oversight hearing was one of his first since being sworn into office in April. Nominated by US President Donald Trump, Atkins, also a former commissioner, was seen by many lawmakers and those in the digital asset industry as someone who could radically change the SEC's approach to crypto. Looking to Congress for help with regulatory clarity
Atkins' remarks came less than 24 hours after US senators voted to move forward on consideration of a bill to regulate stablecoins, the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act. The bill is one of many related to aspects of digital assets that could affect how the SEC regulates the industry alongside agencies like the Commodity Futures Trading Commission (CFTC).
'Whatever happens in Congress […] that will help undergird what we do,' said Atkins.
Since being sworn into office in April, the SEC chair has given opening remarks and overseen the commission's roundtable events on digital assets. The next event, scheduled for June 9, will have SEC commissioners and industry leaders discuss issues related to decentralized finance.
Source: https://cointelegraph.com/news/sec-chair-paul-atkins-report-crypto-months
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Crypto Insight
7 hours ago
- Crypto Insight
BlackRock's Bitcoin ETF ends 31-day inflow streak with biggest outflow ever
The world's largest asset manager, BlackRock, has ended its 31-day spot Bitcoin exchange-traded fund (ETF) inflow streak with its biggest recorded outflow day since the product launched in January 2024. On May 30, BlackRock's iShares Bitcoin Trust (IBIT) ended its significant inflow streak with its largest daily outflow of $430.8 million, according to Farside data. Before this, IBIT's largest outflow day was on Feb. 26, with $418.1 million in outflows. BlackRock Bitcoin ETF massive outflow day ETF analyst Nate Geraci said in a May 31 X post, 'What a run over the past 30+ days, though.' Geraci highlighted that BlackRock is 'now pushing' approximately $70 billion in Bitcoin holdings since it launched. 'Not sure I have words to describe how ridiculous this is,' Geraci said. Overall, the 11 US spot Bitcoin ETFs recorded net outflows for the second consecutive day on May 30, totaling $616.1 million. The day before, on May 29, the cohort ended its 10-day net inflow streak with an outflow day of $346.8 million, although BlackRock still posted an inflow, drawing attention from several in the industry. Master Ventures founder Kyle Chasse said, 'Every other issuer saw red. BlackRock kept buying…big brain energy right there.' Bitcoin ETF outflows not 'retail panic' 'The sell-off isn't retail panic. It's literally the quiet transfer of supply to the strongest hands,' Chasse added. Meanwhile, Bitcoin's spot price is $103,700, down 2.27% over the past 24 hours, according to CoinMarketCap data. On May 30, Derive founder Nick Forster pointed out to Cointelegraph that there has been a significant amount of spot Bitcoin ETF inflows in recent times, yet it hasn't been reflected in the spot price. 'Despite significant inflows into Bitcoin ETFs, notably over $6.2 billion into BlackRock's iShares Bitcoin Trust in May, Bitcoin's price hasn't experienced a commensurate rise,' Forster said. In the trading week ending May 23 alone, spot Bitcoin ETFs recorded a total of $2.75 billion in inflows. Source:
Crypto Insight
21 hours ago
- Crypto Insight
Banks ‘very interested' in stablecoin use — Stripe exec
Payment giant Stripe has reportedly held early discussions with banks about potentially integrating stablecoins, signaling growing acceptance in global banking. After debuting stablecoin-based accounts in 100 countries in early May, Stripe has noticed significant interest in stablecoins — cryptocurrencies tied to fiat currencies like the US dollar — from global banks. 'In the conversations we have with them, they're very interested,' Stripe co-founder and president John Collison said in an interview with Bloomberg News on May 30. 'This is not something that banks are just kind of brushing away or treating as a fad. Banks are very interested in how they should be integrated with stablecoins into their product offerings as well,' he stated. Stablecoins will be a big part of future payments The growing interest by banks to integrate stablecoins comes from understanding that such cryptocurrencies offer significantly lower transaction costs for payments, including foreign exchange fees by banks. 'It's extremely expensive to do. It's very slow. It takes a matter of days,' Collison said. 'No one is happy with that equilibrium today. And so I think you will see those kind of profit pools come under attack.' On the other hand, stablecoins offer instant transactions with fees being significantly less than those of FX, Collison said, making a perfect case for payment use globally. 'A lot of our future payment volume is going to be in stablecoins,' Collison said. 'This is, for sure, a big part of our business on a go-forward basis,' he added. Stablecoins have already made an impact on traditional finance, beating volumes of Visa and Mastercard combined in 2024. Stablecoin growth requires green lights from regulators While showing interest in stablecoins, some jurisdictions like the United Kingdom might be falling behind in the race to attract stablecoin operators if they don't move faster with regulations, Collison said. 'You have companies that are being set up to serve this industry — if maybe there was a really good regulatory framework, they would choose to base here,' the Stripe exec said, adding: 'Without that certainty they go somewhere else. I think that's the risk that we need to be aware of.' Collison referred to the European Union's Markets in Crypto-Assets (MiCA) regulation taking force in late 2024, while the UK Financial Conduct Authority is still seeking public feedback on new stablecoin rules as recently as May 28. The latest insights by Collison align with reports suggesting that banks in the United States have been seeking even clearer guidelines from the government clarifying what they can do in crypto. On the other hand, despite falling behind in terms of stablecoin regulation, the UK has seen the largest increase in new crypto owners in the past year, outpacing Europe, according to Gemini. Source:
Crypto Insight
a day ago
- Crypto Insight
Digital euro, not MiCA, key to managing crypto risks: Bank of Italy chief
Former European Central Bank (ECB) official and Governor of the Bank of Italy, Fabio Panetta, touted the digital euro as a key tool for controlling the risks of increasing cryptocurrency adoption. The Bank of Italy, on May 30, released an annual report with the governor's concluding remarks on the state of the economy. Panetta said the European Union must move forward with the central bank digital currency (CBDC) project to maintain financial stability and meet demand for secure digital payments. 'We would be remiss to think that the evolution of crypto-assets can be controlled only through rules and restrictions,' Panetta said, warning that crypto regulation alone cannot address the systemic risks posed by crypto, and that the digital euro would be key to addressing them. MiCA's limited impact on EU stablecoins Panetta also addressed the impact of the EU's crypto regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), which entered into full force in late 2024. 'Since MiCAR came into force, only some EMT [electronic money token] stablecoins have been issued in the EU and their circulation is limited so far,' the governor stated. He also said MiCA has not fueled any significant stablecoin developments in Italy: 'In Italy, there has so far been little interest in the issuance of crypto-assets by supervised intermediaries and other operators, while a growing focus on custodial and trading services has been observed.' MiCA has encouraged businesses to report if they plan to launch crypto asset services or intend to apply for authorization to do so, he added. Risks stemming from foreign platforms While offering some protection to European investors, MiCA has not fully safeguarded savers from the risks associated with 'heterogeneity in regulatory approaches' globally, Panetta argued. 'EU citizens might be exposed to failures of platforms or issuers based in other jurisdictions that lack adequate controls or the necessary transparency and operational safeguards,' he said. He called for stronger international cooperation and urged the EU to lead on establishing global regulatory standards. Digital euro is ultimately the right tool Panetta said that only a digital euro, backed by the central bank, could offer the necessary trust and functionality in a changing payment landscape: 'What is needed is a response that matches the ongoing technological transformation, one capable of meeting the demand for secure, efficient, and accessible digital payment instruments, all while preserving the role of central bank money,' he said. 'The digital euro project stems precisely from this need.' Panetta's remarks echo the agenda promoted by ECB Executive Board member Piero Cipollone, who has advocated for the launch of a digital euro, citing the growing popularity of US dollar stablecoins, which now make up 97% of the entire stablecoin market. Previously a member of the ECB's Executive Board, Panetta resigned in October 2023, with his position subsequently filled by Cipollone. Panetta's report came weeks after Tether, the issuer of the world's largest US dollar-pegged stablecoin, USDt, defended its decision to skip MiCA registration for USDT in early May. 'MiCA license is very dangerous when it comes to stablecoins, and I believe that is even more dangerous for the small, medium banking system in Europe,' Tether CEO Paolo Ardoino said at the time. Source:
