Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Blockchain, Crypto, Digital Assets Regulations
SEC Launches Crypto 2.0 Task Force Led by ‘Crypto Mom’
Regulation | Jan 22, 2025
Image: Freepik
Peirce and Uyeda to Develop Regulatory Framework for Digital Assets in the United States
Mark Uyeda, the acting Chairman at the U.S. Securities and Exchange Commission (SEC) published a press release today announcing the establishment of a Crypto 2.0 Task Force to develop a comprehensive regulatory framework for digital assets to be led by Commissioner Hester Peirce otherwise known as 'Crypto Mom' for her well documented pro-innovation views. Other members of the task force include Richard Gabbert and Taylor Asher, to serve as Chief of Staff and Policy Advisor for the 2.0 task force, respectively.
Why Setup the Crypto 2.0 Task Force
The Crypto 2.0 Task Force is in response to the 'head scratching' issues with the SEC's regulatory approach to digital assets which has largely relied on regulating via enforcement. The lack of regulatory clarity has stifled innovation, causing innovators huge delays, legal risks and in many cases project abandonment. The unclear regulatory landscape also created an environment conducive to fraud, undermining investor confidence and market integrity.
See: SEC Files Appeal Brief as XRP Hits Record High
In the release, the SEC acknowledged that 'The SEC can do better" at crafting a framework that balances innovation while protecting investors. Yes, it is possible, and so with the establishment of the Crypto 2.0 Task Force, the SEC gets another kick at the can to add clarity on who must register and 'practical solutions' for companies looking to register. Further, the Task Force will work with Congress and coordinate with the various federal agencies including the Commodity Futures Trading Commission, and states along with global counterparts to implement a structured and transparent regulatory framework.
Task Force Perspectives
Commissioner Hester Peirce
Commissioner Peirce (often referred to as "Crypto Mom") has consistently advocated for clear and practical crypto regulations, and emphasized that enforcement actions alone are insufficient for providing regulatory clarity. Previously, Peirce also highlighted the importance of inclusive decision making within the SEC and criticized the act of issuing significant regulatory measures without comprehensive industry consultation, saying "Rules of such broad effect should be set by the full Commission, not by staff answering only to the Chairman."
See: Fidelity Report Insights on Digital Assets in 2025
Commissioner Peirce in a 2021 interview said:
"We want to provide people clear guidelines ahead of time and then they can figure out how they can do something so that it is legal."
Acting Chairman Mark T. Uyeda's
Previously, the Acting Chairman Mark T. Uyeda has shown commitment to fostering innovation and expanding access to private markets. Uyeda, in collaboration with Peirce, opposed restrictive wealth thresholds for the definition of accredited investors, and instead advocated for criteria that focused on knowledge and risk awareness over financial benchmarks.
Richard Gabbert, Chief of Staff
Richard Gabbert serves as the Crypto 2.0 Task Force's Chief of Staff. Previously, he was Counsel to Commissioner Hester Peirce, advising on various regulatory matters including over-the-counter derivatives market reforms mandated by the Dodd-Frank Act. Before joining the Commissioner's office, Gabbert was a Senior Special Counsel in the SEC's Office of Derivatives Policy within the Division of Trading and Markets, where he led rule making teams addressing the cross-border regulation of derivatives markets. While his direct statements on cryptocurrencies are not widely publicized, his background suggests a focus on clear regulatory guidelines and market integrity.
Taylor Asher, Chief Policy Advisor
Taylor Asher is the Chief Policy Advisor for the task force. Prior to this role, Asher served as a Confidential Assistant and Policy Advisor to Commissioner Mark T. Uyeda. Although public statements from Asher about crypto are limited, his role highlights involvement in shaping policy decisions related to digital assets.
Outlook and Next Steps
The Task Force anticipates hosting various expert roundtables in the future but wants everyone to know that they welcome public input, and in the meantime send feedback to: Crypto@sec.gov.
See: Crypto Mom & Uyeda Defend Flyfish Club NFTs as Utilities
With Commissioner Perice's leadership and contributions from seasoned experts, Richard Gabbert and Taylor Asher, the Crypto 2.0 Task Force has the potential to create a more inclusive, transparent, and dynamic crypto ecosystem in the U.S.. One that balances innovation and investor protection by prioritizing clear guidelines and stakeholder collaboration.
Commissioner Peirce:
“This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation."
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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SEC Files Appeal Brief as XRP Hits Record High
Crypto Enforcement | Jan 17, 2025
Image: Freepik/wayhomestudio
SEC Appeals Ripple's XRP Classification As XRP Price Touches All Time High
With just a handful of days remaining in Gary Gensler's job as Chair of the U.S. Securities Commission (SEC), the legal saga between SEC vs Ripple Labs over the classification of XRP continues. On January 15, the SEC filed an appeal to try and overturn the 2023 ruling that XRP is not a security when sold to retail investors. The appeal reopens the debate whether XRP sales to retail investors meets the criteria for investment contracts under the Howey Test, arguing that XRP investors expected profits from Ripple's efforts.
See: Trump Picks SEC Chair, Shakes Up Crypto and Oversight
Stuart Alderoty, Ripple’s Chief Legal Officer:
As expected, the SEC’s appeal brief is a rehash of already failed arguments –and likely to be abandoned by the next administration. We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and… https://t.co/3ZxO64Fs8C
— Stuart Alderoty (@s_alderoty) January 16, 2025
Market Reaction
The market's response to the idea that the 'SEC's appeal brief is simply a rehash of already failed arguments', pushed XRP's price upwards to $3.38, just shy of it's all time high price of $3.40, reached on Jan 6, 2018 per Coingecko. Analysts and traders are quite optimistic around the potential outcome of the legal case, and are speculating about XRP exchange-traded-funds and the coin being included in national bitcoin/crypto reserves that would further boost demand for XRP. On social media, reactions were mixed with memes and commentary with many seeing the SEC's appeal as redundant while others remained cautious.
Brad Garlinghouse, Ripple CEO on X here:
"If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn't protected investors and instead has damaged the credibility and reputation of the SEC."
See: Gensler’s Final Salvo as SEC Targets Unicoin in Crypto Clash
Paul Atkins, Appointed SEC chair and Former SEC Commissioner on FT:
"The SEC's approach to digital assets needs a comprehensive reevaluation to foster innovation while ensuring investor protection."
Why It Matters
The SEC’s appeal and subsequent XRP price jump highlight the importance of this case for the future of crypto. If Ripple wins, it could set a global standard for how digital assets are classified, providing more regulatory clarity and freedom to innovate.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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OSC Crypto Trading Platform Compliance Review Findings
Regulation | Dec 20, 2024
Image: Freepik/upklyak
Are Restricted Dealer Crypto Platforms Doing Enough to Protect Investors? The OSC Weights In
The Ontario Securities Commission (OSC) recently conducted a compliance review of 6 restricted dealers operating crypto asset trading platforms (CTPs) in Ontario, and published a summary of their findings, "Staff Notice 33-757" (see press release). The results? A mix of compliance successes and serious gaps, especially in investor protection practices. Here’s what the OSC found, why it matters, and key takeaways.
Focus of the Review and Findings
This was about the fundamentals: are platforms doing enough to ensure that the people using them actually understand the risks involved? Are they setting limits to protect clients from losing more than they can afford? Specifically, there were 3 areas of concern being investigated:
1. "Account Appropriateness Assessments"
Are platforms making sure accounts are appropriate for their users,based on their individual financial situations and crypto knowledge? CTPs are required to evaluate clients based on their experience with crypto assets, financial circumstances, and risk tolerance.
See: OSC Urges Stricter Rules on Gamified Investing Features
The OSC found that some platforms are using inadequate processes, such as relying only on self-reported user information without sufficient verification. Many platforms use a bare-bones approach to assess whether accounts are appropriate for their clients. They rely too heavily on online forms and didn’t follow up on inconsistencies or update/maintain client information over time. This means people are being approved to trade without a clear understanding of whether the crypto investment is the right fit for them.
2. "Investment Limits"
Are clients being prevented from investing more than they should in a high risk investment or asset? The OSC sets investment limits on certain crypto assets to protect investors (especially retail investors).
The OSC found that most crypto trading platforms implemented the 'investment limits' but lacked an effective monitoring system. CTPs need a good mechanism to enforce the limits and also prevent clients from exceeding them, which is a problem because of crypto's volatility.
3. "Client Limits"
Are there suitable safeguards in place to stop users from losing too much money? Client limits refer to the maximum value of crypto assets a client can hold on a platform.
See: Regulatory Updates for Crypto Asset Trading Platforms
The OSC observed that some platforms do not have clear policies or systems in place to monitor client holdings (and compare them against the limits). This appears to be the biggest issue in the compliance review since CTPs are supposed to restrict people from losing more than they can afford. Too often platforms either ignore the limits or don't act quickly enough if client limits are breached. Clients aren't being warned in time and in some cases no action is taken at all.
Takeaways for Your Business
These findings should be a wake-up call if you operate a fintech or crypto business. The OSC is sending the industry and specifically CTPs a message to review their policies and internal systems to ensure they comply and tighten the ship. Here are some takeaways.
- Think of on-boarding as your chance to really understand your clients. what their financial situation is, their knowledge of crypto, and how much risk they can handle. Make sure you check in with them regularly and all information is verified and documented. Not just once a year but whenever things change for them or in the market.
- Limits are there for a reason. It's how much a client can invest or how much they can lose, so baking these guardrails into your system is critical. Have systems in place to monitor and track these limits in real time. Don't wait until it's too late - automate the alert process.
See: UK vs. Canada: A Tale of Two Different Crypto Consumers
- Communication is key. When clients are getting close to their limits, let them know. But do it in a way that’s clear and educational. This isn't financial advice. You're giving them the tools to make better decisions.
- Stay up to date with all regulatory updates and changes that may impact your business, and to remain compliant.
Final Thought
Consider this your advanced warning. Are your processes strong enough? Are your systems up to date? Are you putting your clients first? The OSC’s findings are an opportunity to plug gaps, strengthen your approach, and turn compliance into a competitive advantage.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Gensler’s Final Salvo as SEC Targets Unicoin in Crypto Clash
Enforcement | Dec 17, 2024
Image: Freepik/pikisuperstar
Unicoin Receives SEC Wells Notice During Gensler's Final Weeks at the SEC
As reported by Fortune, crypto tokenization and real-world-assets (RWA) juggernaut, Unicoin, received a Wells Notice from the SEC as they prepare for a major transition with new leadership direction. Yes, still turbulence in the industry with Gensler stepping down on January 20 and new SEC Chair, Paul Atkins, set to take over the helm. Unicoin CEO Alex Konanykhin indicated they will fight back against allegations of fraud and unregistered securities.
Unicoin’s Inability to Register Token as Security
Launched in 2015, Unicoin is a cryptocurrency that is backed by real-world assets like real estate, which gives the token a tangible value instead of the market relying solely on speculation. This helps reduce price volatility and attracts investors looking for more secure opportunities.
The company also marketed itself as the official cryptocurrency of a TV show called Unicorn Hunters where startups pitch to celebrity judges, which helped it gain a lot of visibility and approx 70,000 investors via $3.5 billion in token sales. Their popularity also attracted the SEC's attention. The Wells Notice accused Unicoin of both securities violations and also fraud which hasn't been included in recent SEC-driven crypto lawsuits.
See: Insights from the Tokenization Report Act of 2024 Hearing
Unicoin's CEO Konanykhin told Fortune that while the company has faced several SEC investigations this is the first time it has received a Wells Notice. Earlier this year, Unicoin agreed with the SEC to hold off on launching a public offering but chose to move forward with the company’s plans and launched its primary offering on a U.S. regulated trading platform INX.One after Trump's election victory and that Unicorn had publicly reported to the SEC for the past five years including recent paperwork signalling its intent to go public via a reverse merger.
With the pro-crypto advocate, Paul Atkins imminently replacing Gensler, Unicoin was banking that the regulatory environment would be more collaborative. At the end of the day, the firms inability to register their token as a security has left if vulnerable.
What This Means for Industry
Regulation won't change overnight and enforcement actions launched under Gensler will still be ongoing. Crypto companies should expect a more gradual shift to the SEC's regulatory approach and need to weather the storm during the transition.
See: 18 States Sue SEC for Regulatory Overreach on Crypto
Unicoin's Wells Notice also included allegations of fraud which raise the stakes. Companies should review and tighten their compliance efforts further. Linking crypto to real-world asset models indicate how tricky it is to align financial innovations within existing securities laws.
In Closing
As the SEC's leadership is in a transitional phrase, uncertainty still remains.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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ASIC Consultation on New Digital Asset Rules
Regulation | Dec 12, 2024
Image: Freepik/WangXiNa
The Australian Securities and Investments Commission Seeks Input on New Digital Assets Rules
The Australian Securities and Investments Commission (ASIC) is working to clarify rules for businesses and individuals working with digital assets. They've published Consultation Paper 381 (CP 381) outlining updates to Information Sheet 225 (INFO 225), which provides more specific guidance on how existing financial laws apply to assets like stablecoins, staking services, and tokenized products. Australia's securities regulator is now seeking feedback on these updates.
What Updates Are in Scope?
ASIC’s proposed updates focus on ensuring digital asset businesses understand their obligations under current financial laws. The updates include
See: Canada Pauses CBDC Plans, Australia Advances Wholesale Focus
- ASIC offers 13 practical examples (see below) to show how different digital asset types and services might be classified as financial products.
- Businesses dealing with digital assets classified as financial products must follow the same rules as traditional financial services including obtaining an Australian Financial Services (AFS) Licence.
- ASIC proposes a grace period for businesses actively working towards compliance to protect them from enforcement actions during the licensing process.
- These updates aim to protect customers while supporting market integrity and innovation.
13 Practical Examples
In the consultation document, ASIC provides 13 practical examples to help businesses understand their legal registration and compliance obligations:
1. Stablecoins as Financial Products - Stablecoins tied to an asset (i.e., fiat currency or government bonds) could be seen as financial products depending on their purpose and how they are promoted. For example, if a stablecoin is backed by government bonds and offers financial benefits, it may need licensing as a managed investment scheme.
2. Staking Services - Businesses that let customers stake tokens to earn rewards may fall under financial product rules (esp if they add features like pooling tokens). For example, a staking service combining tokens from multiple users to meet blockchain requirements could require an Australian Financial Services (AFS) licence.
See: Vancouver’s Bitcoin Vision: A New Era for City Finances
3. Tokenized Assets - Tokens representing physical or financial items (i.e., gold or real estate) could be classified as securities if they involve shared profits or pooled funds. For example, a gold-backed token sold on an exchange may need to comply with securities or investment regulations.
4. Wrapped Tokens - Tokens that represent other assets might be financial products if they suggest investment or profit potential. For example, a token offering a stake in a project or company may require registration licensing as a security.
5. Token Sales and Fundraising - Raising funds through token sales, such as Initial Coin Offerings (ICOs), could be regulated as securities if linked to the issuer’s success. For example, selling tokens to finance a blockchain venture may require a prospectus to comply with securities laws.
6. NFTs and Collectibles - Non-fungible tokens (NFTs) are generally not financial products unless marketed with potential financial returns. For example, an NFT that promises a share in future profits from sales may fall under investment rules.
7. DeFi Platforms and Services - Decentralized Finance (DeFi) platforms could require licences if they manage pooled funds or offer lending and borrowing services. For example, a DeFi protocol pooling user funds to generate returns might be classified as a managed investment scheme.
See: Two Artists Sue SEC for NFT legal Showdown
8. Digital Asset Wallet Providers - Wallets offering extra services like earning interest or staking options may need to comply with financial product laws. For example, a wallet letting users pool assets to earn interest would likely require a licence.
9. Payment Services Using Digital Assets - Platforms facilitating payments with digital assets may need licensing as non-cash payment facilities. For example, a business allowing customers to use tokens for everyday purchases might need authorization to operate.
10. Buy-Back Arrangements - When businesses promise to buy back tokens based on value or performance, they may be treated as financial investments. For example, a token issuer guaranteeing buy-backs at a higher price could need an AFS licence.
11. Rewards and Loyalty Programs - Rewards programs using digital tokens may be financial products if the tokens are tradeable and linked to business success. For example, a loyalty token offering value tied to a company’s performance might require regulation.
12. Bundled Services and Products - Digital assets combined with other services may be regulated as a single financial product. For example, a package including tokens with staking and governance features may require licensing for the entire service.
13. Secondary Market Trades - Tokens traded on secondary markets could be regulated if their value depends on the issuer’s performance. For example, a token that increases in value as the issuing company succeeds might fall under securities laws.
See: WonderFi Announces Australian Market Entry
The thirteen scenarios above help businesses assess whether their digital asset offerings comply with existing financial regulations, and clarifies when licensing, disclosure, and compliance obligations apply. Companies are encouraged to assess their service offerings using the practical examples and seek feedback from the ASIC if unsure.
What Does ASIC Want Feedback On?
ASIC is seeking input from digital asset businesses, financial service providers, and other stakeholders on the following:
- Are the examples and explanations in the updated guidelines clear and easy to understand? Do they help businesses navigate the rules for digital assets?
- Is the current process for obtaining licences practical for digital asset businesses? Are there specific issues for products like stablecoins or wrapped tokens?
- ASIC is considering a "no-action" policy that would let businesses applying for licences operate without penalties during the review period. What are your thoughts on this 'temporary relief' idea?
See: PayPal’s Legal Win Helps Shape Future of Digital Wallets
- How can ASIC’s guidelines help businesses transition smoothly to the Government’s proposed regulations for digital asset platforms and payment stablecoins?
- What challenges do businesses face when trying to meet these regulations? Are there practical problems ASIC should address in its guidance?
Your Input Matters
If you’re in the digital asset space or have a stake in how these regulations evolve, now’s the time to speak up. By sharing your feedback, you can help ASIC create rules that support innovation while protecting consumers and keeping markets fair.
The deadline to send your comments to ASICs Digital Asset Team on the proposed updates is February 28, 2025. ASIC plans to release the final guidelines in mid-2025. Email: digital.assets@asic.gov.au
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Circle Becomes First Stablecoin to Meet Canadian VRCA Rules
Crypto Compliance | Dec 6, 2024
Image: USDC stablecoin
Circle Internet Group Inc., First Stablecoin Issuer to Meet Strict Canadian Listing Rules
Circle Internet Group Inc, announced by release that they are the first to meet Canada’s strict new rules for value-referenced crypto assets (VRCAs). These regulations are designed to make the stablecoin market safer and more transparent as it continues to grow.
What’s the Deal with VRCA Rules?
Stablecoins are becoming more prominent in Canada and the Canadian Securities Administrators (CSA) decided it was time to tighten the reins. The new VRCA rules required that stablecoin issuers prove that their coins are backed by real assets, operate transparently and meet strict security standards. In September 2024, the CSA extended the deadline to December 31, 2024 for platforms listing VRCA (stablecoins) to comply or they risk getting delisted from Canadian crypto platforms.
Circle's USDC Stablecoin Ticks Regulatory Boxes
Why does this matter? Well, if you’re a Canadian that uses stablecoins on Canadian crypto platforms, it means you’ll still have access to USDC after the deadline. Circle's compliance establishes them as a stablecoin leader in the space, and that they are serious about building trust, transparency and operating in a compliant manner. USDC is one of the most traded stablecoins globally, transacting billions of dollars every month. Stablecoins account for a large chunk of crypto activity in Canada.
See: “Crypto’s Back”, Stripe to Support On-Chain USDC Payments
While other stablecoin issuers like Tether Limited (USDT), Paxos Trust Company (PAX is now USDP) and TrustToken (TrustUSD) haven't yet announced compliance yet, and with the extended deadline of Dec 31, 2024 approaching, Circle's proactive approach sets a high bar for other players.
Closing Outlook
Circle’s USDC compliance with Canada's VRCA rules is a positive for Canada's crypto economy. Anticipate other stablecoin issuers to soon follow or risk being being delisted from Canadian crypto platforms.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Trump Picks SEC Chair, Shakes Up Crypto and Oversight
SEC | Dec 4, 2024
Image: Freepik
Trumps Key Picks: Crypto Advocate for SEC Chair and New Co-Leadership at Crypto Assets Unit
President-elect Donald Trump announced key picks at the SEC that could have huge implications for the crypto industry and financial regulation at large.
Paul Atkins, A Crypto Advocate for SEC Chair
Former SEC Commissioner and known crypto advocate, Paul Atkins, is Trump's pick for SEC Chair. Atkins has been vocal about a balanced regulatory approach, favouring innovation while addressing risks. This is a sharp contrast to the current regulatory climate under Gary Gensler who more or less followed a regulation by enforcement approach towards the crypto industry (he already announced he's leaving Jan 20, 2025). Atkin's leadership signals more industry friendly policies.
New Leadership at the SEC’s Crypto Assets Unit
Also individually announced on their Linkedin profiles, the SEC's Crypto Assets and Cyber Unit will have leadership changes. Laura D’Allaird and Mark Sylvester have been named Co-Chiefs of the division and are tasked with overseeing enforcement actions in the growing crypto / digital assets sector. Both bring extensive legal experience.
Why It Matters
The above leadership changes at the SEC could be a significant turning point for cypro regulation and enforcement in the U.S. and how America will handle financial regulation in the future.
See: Gary Gensler Resigns as SEC Chair, Leaving January 20
If Paul Atkins becomes SEC Chair his approach might make it easier for regulators and the crypto industry to work together resulting in fewer conflicts and more support for innovation. Concurrenty, the new co-leaders of the SEC's Crypto Assets and Cyber Unit are likely to keep a strong focus of enforcing the rules to keep crypto firms in check and remaining compliant.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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