U.S. SEC Chairman: Promote SEC regulatory transparency and accountability in the crypto space

On May 20th, according to official website news, the U.S. Securities and Exchange Commission (SEC) released a statement from its chairman Paul S. Atkins on May 20th testifying before the House Financial Services and General Government Appropriations Subcommittee. He stated that he will prioritize promoting transparency and accountability mechanisms at the SEC, especially in the digital asset field. He emphasized that the SEC should conduct rigorous cost-benefit analysis when formulating rules to avoid excessive regulation that may have a negative impact on market innovation. Paul Atkins also pointed out that the SEC will strengthen cooperation with Congress to establish a reasonable regulatory framework for the cryptocurrency market, ensuring that its regulatory activities align with legislative intent and taking a cautious approach to digital asset regulation to avoid hindering technological progress. He stated that the SEC will continue to fulfill its mission of protecting investors and maintaining market integrity while promoting the healthy development of financial markets.