SEC to Notify Crypto Businesses of Technical Violations Before Taking Action Report

pHome Crypto NewsppShareppShareppA report by the Financial Times revealed that the Securities and Exchange Commission SEC plans to issue crypto firms notices of technical violations before taking actionppThe move is a shift away from the aggressive enforcement approach that was pursued under former President Joe BidenppTrumpappointed SEC Chair Paul Atkins told the Financial Times in an interview in Paris that the agency would continue to pursue fraudsters but that there were other gradations that required notice He criticized what he described as the SECs past habit of bashing down doors over minor violations explaining that it would now stop treating technical mistakes with the same harshnessppAtkins believes that regulated businesses should have a chance to correct compliance issues before enforcement action is taken He described his approach as an effort to fix what many saw as a lack of due process proper notice and rule of law in the commissions workppOne of his criticisms is about the billions of dollars in fines handed out for recordkeeping violations He argued that the regulators actions were not guided by precedent or predictability and said Thats not how a regulator should have acted Atkins added that many people were right to bash the SEC in recent years for its methodsppThe change is part of other efforts made by Republican regulators to reduce enforcement programs launched under Biden and reshape the agency into a more businessfriendly body Since January the agency has dropped several cases against crypto platforms including Binance Coinbase and Ripple among othersppThe official also talked about his plans for digital asset regulation explaining that he wants to fulfill Trumps promise to make the United States the crypto capital of the worldppFormer SEC Chair Gary Genslers tenure was marked by fines and lawsuits against banks brokers and crypto firms He also maintained the view that most digital assets qualified as securities and resisted calls to establish cryptospecific rules On the other hand Atkins believes that most tokens are not securities and supports legislation that would let investors trade tokenized shares and bonds using blockchain technologyppHe cited the 2022 collapse of FTX as an example of why domestic oversight is important Many investors in the Bahamasbased exchange lost money but customers of its regulated US derivatives arm were reimbursed because it operated under official safeguardsppThe 32yearold said the financial watchdog has intentions of making rules for smart contracts and tokenized securities and warned companies already offering trading in such US stocks to move carefully while the commission works on these standardsppWayne is a dynamic parttime trader with an impressive eye for detail His passion for understanding financial systems has led to an intriguing interest in blockchain technology and he enjoys exploring and writing about cryptocurrencies Possessing a keen intellect and diligent work ethic he stays uptodate on the latest industry trends regularly sharing his insights in articles and professional presentationsppInformation found on CryptoPotato is those of writers quoted It does not represent the opinions of CryptoPotato on whether to buy sell or hold any investments You are advised to conduct your own research before making any investment decisions Use provided information at your own risk Full disclaimer p