SEC Chair: Majority of Cryptocurrencies are Not Securities, Has Instructed to Develop Clear Rules and Implement White House Cryptocurrency Proposal

BlockBeats News, August 1, SEC Chairman Atkins stated that he will direct various policy departments to collaborate with the cryptocurrency special working group to implement the White House's cryptocurrency-related suggestions. Staff of the committee have been instructed to draft clear rules for cryptocurrency custody, allocation, and trading. Most crypto assets are not securities. Staff have been instructed to develop guidelines to determine when crypto assets are considered securities. Staff have been tasked with proposing disclosure requirements and exemption provisions for crypto assets identified as securities, and have also been instructed to collaborate with companies seeking to issue tokenized securities.