The chairman of the United States Securities and Exchange Commission (SEC), Paul Atkinson, delivered remarks at the agency’s Crypto Task Force roundtable on Decentralized Finance (DeFi). During Monday’s roundtable in Washington D.C. titled ‘DeFi and the American Spirit’, Atkins acknowledged the importance of clear regulatory frameworks to enable a seamless growth of DeFi protocols in the country.
Chair Atkins castigated the Biden administration for using the agency to quash the nascent crypto assets and web3 protocols in the United States.
“I am grateful to the Division of Corporation Finance staff for clarifying its view that voluntary participation in a proof-of-work or proof-of-stake network as a miner, validator, or staking-as-a-service provider is not within the scope of the federal securities laws,” Atkins noted.
SEC Chair Atkins emphasized the importance of self-custody of crypto assets for all Americans. According to Atkins the right to self-custody for crypto assets is a foundational American value that should be upheld by the DeFi space.
“I am in favor of affording greater flexibility to market participants to self-custody crypto assets, especially where intermediation imposes unnecessary transaction costs or restricts the ability to engage in staking and other on-chain activities,” Atkins added.
The SEC chair urged the agency to consider issuing clear crypto regulations, which embody DeFi protocols that are self-fulfilling through smart contracts.
The remarks from SEC chair Atkins will have a profound impact on the wider altcoin space led by Ethereum (ETH) and Solana (SOL). Furthermore, a clear crypto regulatory framework from the SEC will enable more institutional investors to seamlessly adopt the DeFi ecosystem in the near future.
Following the remarks, the wider altcoin market recorded significant gains, thus signaling the onset of a major altseason in the coming months.
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