Good Evening,
PAUL ATKINS: ‘CRYPTO MARKETS HAVE BEEN LANGUISHING IN SEC LIMBO’
The new SEC chair said the regulator “should not be in the business” of stifling innovation at companies like those involved in digital assets.
In one of his first speeches since becoming chair of the US Securities and Exchange Commission (SEC) in April, Paul Atkins addressed some of the regulatory concerns around the cryptocurrency industry.
In prepared remarks for a May 19 speech, Atkins said it was a “new day” for the crypto industry under the current leadership of the SEC. He suggested that the financial regulator would be more open to “adapt to and accommodate new developments” while still abiding by its statutes.
“The crypto markets have been languishing in SEC limbo for years,” said Atkins, adding:
“While I have directed Commission staff across our policy Divisions to begin drafting rule proposals related to crypto, the staff continue to ‘clear the brush’ through staff-level statements.”
Even before Atkins stepped into the role of SEC chair, the commission’s actions under Donald Trump suggested that it would radically depart from the direction of former chair Gary Gensler.
In 2025, the SEC has dropped several investigations and enforcement actions against crypto companies and issued guidance on memecoins and security tokens.
“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation,” said Atkins. “The markets innovate, and the SEC should not be in the business of telling them to stand still.”
Looking to Congress for market structure
Atkins’ remarks came as US lawmakers considered draft legislation to establish a regulatory structure for crypto markets. The proposed bill, moving through the House of Representatives, could clarify the roles the SEC and Commodity Futures Trading Commission (CFTC) have in overseeing and regulating digital assets.
Until the legislation passes Congress and is signed into law, the SEC’s rules and guidelines over crypto could face pushback from affected parties.
The SEC chair has given opening remarks and overseen the commission’s roundtable events, discussing regulatory issues surrounding digital assets and blockchain. The next event, scheduled for June 9, will cover decentralized finance.
@ Newshounds News™
Source: Cointelegraph
~~~~~~~~~
BRICS: TANZANIA OFFICIALLY BANS THE US DOLLAR
Taking a leaf straight from the BRICS playbook, Tanzania announced an official ban on the US dollar in local transactions. The Bank of Tanzania (BoT) has put a blanket ban on all foreign currencies in local transactions, and only the Tanzanian Shilling (TZS) is made legal tender. The ban comes after an influx of foreign currencies circulated the market for local transactions, leaving the TZS behind.
Tanzania is inspired by the BRICS agenda of de-dollarization and is striving to keep the US dollar in the back seat. Individuals, traders, business owners, and large corporations in the country are not allowed to use the US dollar for transactions. The ban includes both receiving and sending foreign currencies, making it a legal offense to initiate the payments. Every individual, bank, and business entity must use the Tanzanian Shillings and not foreign currencies.
“Under these Regulations, pricing and payment for all goods and services within the country must be in Tanzanian Shillings. Therefore, it is an offense to quote, advertise, or indicate prices in foreign currency, to compel, facilitate, or accept payment in foreign currency (US dollar), or to refuse payment made in Tanzanian Shillings,” read the statement mimicking the BRICS ideology.
BRICS: Tanzania & the US Dollar
The ban on the US dollar also includes foreigners who visit the country as tourists, making Tanzanian Shillings mandatory. Only a few authorities are permitted to use foreign currencies, and the regulation makes it clear that they need to specify the transactions. Those include government contributions to regional organizations, embassies, and transactions by international firms.
What BRICS failed to do to the US dollar, Tanzania got accomplished.
Developing countries are inspired by the BRICS agenda of using local currencies and forging ahead in banning the US dollar. The move will prove costly to the American economy if many countries join in on the de-dollarization bandwagon. The popularity of using local currencies for trade is growing and signals a major warning to the American economy.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
Newshound’s News Telegram Room Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
