"End of Regulatory Enforcement Era"... Mentioning Tokenization Potential "Will Lead Cryptocurrency Innovation Through Clear Framework"
Source=Block Street Reporter Jeong Ha-yeon
On the 2nd, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), revealed the SEC's regulatory approach changes towards the cryptocurrency market in an interview with CNBC. Chairman Atkins stated, "Tokenization is innovation, and the SEC should now encourage this in the market."
Chairman Atkins officially announced the termination of the 'regulation through enforcement' method led by his predecessor Gary Gensler. He said, "That day is over."
According to Chairman Atkins, the SEC plans to revamp its supervisory framework to establish a growth foundation for the cryptocurrency industry. He said, "The SEC's goal is to provide a transparent and predictable framework where innovation can occur without unnecessary constraints."
Under Chairman Atkins' leadership, the SEC is shifting its approach to the cryptocurrency industry from simple regulation to supporting capital formation and innovation. Atkins noted, "Realistic supervision is necessary for the healthy development of capital markets."
Since Atkins was appointed SEC Chairman in April, the SEC has introduced many changes. Notable changes include ▲Establishing disclosure guidelines for cryptocurrency companies ▲Approving the first staking-based cryptocurrency Exchange Traded Fund (ETF).
Particularly, the SEC approved a SOL-based ETF last week, which was launched in the U.S. market on the 2nd through Rex Shares and Osprey. Investors can hold cryptocurrency and simultaneously receive staking rewards.
Meanwhile, the asset tokenization (RWA) emphasized by Chairman Atkins is showing remarkable growth due to institutional interest and active adoption by major financial institutions. As of the first half of this year, the total value of tokenized real-world assets, excluding stablecoins, has exceeded $24 billion (approximately 32.64 trillion won).
According to Bloomberg, JP Morgan Chase is pursuing a project to tokenize carbon credits through its blockchain division Kinexis. The World Economic Forum (WEF) also evaluated tokenization as a key connecting link between traditional finance and blockchain.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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