SEC Chairman advocates the United States to become a global cryptocurrency hub

SEC Chairman Paul S. Atkins delivered a speech at the inaugural OECD Global Financial Markets Roundtable, highlighting the SEC's shift in the way cryptocurrencies are regulated. Atkins criticized previous practices of using investigation, subpoena and law enforcement powers, pointing out that these methods are ineffective and harmful and will drive jobs, innovation and capital flows overseas. He declared that this era is over and the United States is about to become the world's cryptocurrency capital. Atkins stressed that most crypto tokens are not securities and emphasized the importance of clearly defining these boundaries. He stressed that entrepreneurs need to obtain on-chain financing without facing endless legal uncertainty. In addition, Atkins advocates innovation in the “super application” trading platform to enhance the choice of market participants. These platforms should be able to provide transaction, lending and pledge services under a unified regulatory framework. In addition, Atkins calls on investors, advisers and broker dealers to freely choose a variety of custody solutions, aiming to create a more flexible and inclusive environment for cryptocurrency activities.