The chairman of the US Securities and Exchange Commission (SEC) Paul Atkins announced a new approach of the department in the Senate to regulate the American cryptocurrency and the willingness of the departure from the policy of “threats and forces”.

The statement of Paul Atkins was made during his speech on June 3 in the Senate subcommittee for allocations for financial services. The head of the department drew the attention of the senators that the creation of a rational regulatory framework for all participants in the US crypto-industry will become one of the basic priorities of the SEC.

“The commission intends to use all its powers to establish standards corresponding to the purpose. At the same time, crypto regulation will be carried out by notifications and comments methods, and not through legal lawsuits and coercive industry participants, ”Atkins said.

The Chairman of the SEC added that the regulator recognizes the imperfection of the supervisory rules applied to the crypto industry, since digital assets and blockchain open “new types of market activity”. In particular, the agency shares the interest of the industry participants in the creation of a transparent regulatory framework in the field of storage of crypto assets, as well as the possibility of trade in traditional and digital financial assets on the same platform.

Atkins noted that the target group in cryptocurrencies, created by Mark Uyeda, will continue its legislative work and will develop the rules “which will make sense for the industry, will allow innovation and fight fraud”.