SEC Chairman Atkins: We will accelerate key work on crypto regulation next year.

At the Blockchain Association Policy Summit, SEC Chairman Paul Atkins stated that the SEC will take faster action on several crypto-related agendas next year, saying, "You haven't seen anything yet," and that the regulatory "seeds" planted this year will begin to "sprout and bear fruit" next year. Atkins recently proposed a "token taxonomy" framework to clarify which crypto assets are securities and launched "Project Crypto" to update the SEC's regulatory rules in the digital asset field. He also promoted an "innovation exemption," providing conditional, limited-term regulatory relief for crypto and fintech projects to reduce compliance costs and promote experimentation. He revealed that this exemption rule could be launched as early as the end of January next year. Compared to former Chairman Gary Gensler's emphasis on "enforcement regulation," Atkins' approach leans more towards providing clear rules and room for development for the industry. Regarding the token taxonomy standard, he stated that ultimately, it still depends on the crypto market structure legislation being pushed forward by Congress, which aims to clarify the regulatory boundaries between the SEC and the CFTC. The Senate Banking Committee is currently working to advance this process within the year. (The Block)