Acting US Securities and Exchange Commission (SEC) chair Mark Uyeda has proposed a fast-tracked temporary crypto regulatory framework to stimulate innovation within the US crypto industry while permanent regulations are still being developed. This move could potentially pave the way for greater advancements in blockchain technology within the country in the immediate future.

During the SEC's Crypto Task Force roundtable titled "Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading" on April 11, Uyeda suggested the implementation of a time-limited, conditional exemptive relief framework for both registrants and non-registrants. This framework aims to provide flexibility and support for industry players while the SEC works on long-term regulatory solutions.

Uyeda highlighted the challenges posed by the current state-by-state regulation of crypto trading, emphasizing the need for a unified federal regulatory framework. He expressed concerns that the existing patchwork of state licensing regimes could create unnecessary obstacles for market participants. By establishing a federal regulatory framework, Uyeda believes that companies offering tokenized securities and non-security crypto assets could operate more efficiently under a single SEC license.

In addition to addressing regulatory concerns, Uyeda underscored the potential benefits of blockchain technology in financial markets. He emphasized that blockchain technology has the capacity to enhance the efficiency and reliability of securities transactions, paving the way for increased capital efficiency and liquidity through tokenized collateral management.

Uyeda's role as acting SEC chair is expected to continue until Paul Atkins, US President Donald Trump's nominee, is sworn in as the official chair of the SEC. Atkins was confirmed by the US Senate on April 10 in a largely partisan vote. Uyeda has been recognized as a pro-crypto advocate within the industry, signaling a positive stance towards fostering innovation and growth in the crypto space.

Furthermore, Uyeda has shown willingness to engage with industry feedback and adapt regulatory proposals accordingly. In response to concerns raised about a proposed rule under the Biden administration that would tighten crypto custody standards for investment advisers,

Source: https://cointelegraph.com/news/mark-uyeda-crypto-temporary-framework-sec-roundtable-crypto-task-force?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound