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SEC CHAIR PAUL ATKINS SAYS IT’S A ‘NEW DAY’ FOR THE AGENCY, CALLS FOR ‘RATIONAL’ CRYPTO REGULATION
Paul Atkins is promising a “rational” approach to rulemaking instead of enforcement, as lawmakers eye sweeping reforms.
▪️ SEC Chair Paul Atkins said Tuesday the agency will prioritize “clear rules of the road” for crypto.
▪️ He testified that investor protection and innovation require regulatory clarity.
▪️ But some lawmakers are pushing for the CLARITY Act to shift oversight away from the SEC.
U.S. Securities and Exchange Commission Chair Paul Atkins is continuing on his crusade to bring a “new day” to the SEC and shift the agency’s stance toward digital assets.
Testifying before the Senate Appropriations Subcommittee on Financial Services and General Government on Tuesday, Atkins vowed to pursue a “rational regulatory framework” for crypto assets, prioritizing rulemaking and transparency over enforcement actions.
“Clear rules of the road are necessary for investor protection against fraud—not the least to help them identify scams that do not comport with the law,” he said.
“Policymaking will be done through notice and comment rulemaking, not through regulation-by-enforcement,” Atkins added.
Atkins, a veteran of the SEC, was confirmed in April after a lengthy and partisan nomination process.
His return marks a stark departure from the approach taken by his predecessor, Gary Gensler, whose tenure was marked by enforcement actions against crypto firms and a broad interpretation of securities laws that made him unpopular with the crypto industry.
Since Gensler’s exit, the SEC has dropped several high-profile lawsuits, first under interim chair Mark Uyeda and then under Atkins, and has issued guidance for multiple categories of crypto, including exempting certain staking activities from securities regulation.
The agency’s evolving posture comes amid growing momentum in Congress to strip the SEC of its authority over crypto altogether.
Last week, lawmakers introduced the CLARITY Act, which would amend securities laws to exempt most crypto assets from SEC jurisdiction and establish a new legal framework.
“Our bill secures American dominance, democratizes digital assets, unleashes innovation, and protects consumers from fraud,” said Rep. Bryan Steil (R-WI), chair of the House’s Financial Services Subcommittee.
However, Democratic staffers on the House Financial Services Committee have criticized the SEC for withholding an impact analysis of the bill, raising concerns that the proposal could create loopholes for traditional finance under the guise of blockchain adoption.
Atkins acknowledged the shifting legislative landscape but emphasized the role of the SEC’s new Crypto Task Force and upcoming DeFi roundtable in supporting innovation.
“I anticipate benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation,” he said.
@ Newshounds News™
Source: Decrypt
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Trump’s CFTC Pick Brian Quintenz Set for Senate Hearing on June 10
Brian Quintenz, head of global policy at a16z crypto and former CFTC commissioner (2017–2021), is scheduled to appear before the Senate Agriculture Committee for his nomination hearing on June 10 at 3:00 p.m. The hearing could pave the way for his return—this time as Chair of the U.S. Commodity Futures Trading Commission (CFTC).
Trump’s Nominee Pushes for Senate Support
In February, former President Donald Trump nominated Quintenz to lead the CFTC. Since then, Quintenz has met with lawmakers, including Sen. John Boozman, to gain support. “We discussed the critical role the CFTC and its markets play in risk management throughout the economy, supporting our agriculture sector, and promoting innovation,” Quintenz posted on X after the meeting.
The Senate Agriculture Committee added: “His previous experience as a CFTC Commissioner and knowledge of derivatives and emerging markets will serve him well as leader.”
CFTC in Flux as Leadership Changes Unfold
Quintenz’s nomination arrives during a major leadership shuffle at the agency—four commissioners have recently stepped down or announced departures. His return could reshape the CFTC’s future, particularly regarding digital assets and crypto regulation, as Washington seeks to clarify the agency’s jurisdiction over various segments of the crypto markets.
Crypto Focus and Potential Conflicts of Interest
Quintenz is expected to bring crypto policy to the forefront if confirmed. He recently disclosed $3.4 million in assets, including positions in crypto-linked companies such as Kalshi, a prediction markets platform previously entangled in a long legal battle with the CFTC.
Quintenz has assured lawmakers that he would relinquish any roles or financial ties that could pose conflicts of interest if confirmed.
@ Newshounds News™
Source: The Block
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CALIFORNIA ASSEMBLY PASSES BILL TO ALLOW CRYPTO PAYMENTS TO STATE
Assembly Bill 1180 moves to Senate after unanimous approval, could make California a crypto-forward state by 2026.
▪️ California’s AB 1180 passed the State Assembly in a 68–0 vote.
▪️ The bill would allow crypto payments to state agencies under the Digital Financial Assets Law.
▪️ If passed by the Senate and signed by the governor, it would go into effect July 1, 2026.
California has taken a major step toward embracing digital assets, as Assembly Bill 1180 (AB 1180)—which would permit state departments to accept cryptocurrency for fees and transactions—cleared the California State Assembly with a unanimous 68–0 vote on June 2. The legislation will now move forward to the State Senate.
If passed, the bill mandates the Department of Financial Protection and Innovation (DFPI) to create a regulatory framework under which digital assets could be accepted for payment under the Digital Financial Assets Law (DFAL). The DFPI is California’s main financial regulator, balancing consumer protection with responsible innovation.
If signed into law by Governor Gavin Newsom, AB 1180 would go into effect on July 1, 2026.
According to the bill’s sponsor, Democratic Assemblymember Avelino Valencia, a pilot program would run until January 1, 2031, at which point full implementation would begin.
California could soon join states like Florida, Colorado, and Louisiana, which already accept crypto payments for specific obligations. If enacted, the DFPI would also be required to submit a comprehensive report by January 1, 2028, documenting all crypto transactions processed, as well as any technical and regulatory hurdles faced along the way.
Under DFAL, a crypto transaction is defined as a digital representation of value used as a medium of exchange, but not legal tender.
The bill underwent four amendments before passing, including the removal of a section related to ride-sharing and personal vehicles.
“Bitcoin Rights” Bill Also Progressing
AB 1180 is designed to complement another legislative effort, AB 1052, also known as the “Bitcoin Rights” bill. That legislation, which passed its first committee with an 11–0 vote on May 23, seeks to ensure that crypto self-custody and private payments remain legal and protected throughout the state.
If passed, AB 1052 would legally recognize digital assets as a valid form of payment in private transactions and prohibit public entities from banning or taxing crypto based solely on its use in payments.
California already has a budding crypto economy, with 117 merchants accepting Bitcoin payments, according to BTC Maps data.
@ Newshounds News™
Source: Cointelegraph
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America Urges India To Reject BRICS: ‘Do Business With the US’
U.S. Commerce Secretary Howard Lutnick said that the United States could reach a trade agreement soon with New Delhi. Lutnick touched upon various pain points between the two nations and suggested that India should scale back its involvement in BRICS and maintain cordial business relations with the U.S.
He said that India rubbed the U.S. the wrong way after buying military equipment from its BRICS counterpart, Russia. “There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, generally buying your military gear from Russia,” he said.
To mend things, he noted that the Modi government is now buying military arms from the U.S. “So I think India is starting to move towards buying military equipment from the United States, which then goes a long way,” he added.
BRICS: U.S. Urges India To Open Up Their Markets: ‘We Want Access to Business and Finance’
Reports suggest that the U.S. is using India as a stepping stone to disintegrate the BRICS alliance. Many countries tried to reach out to the U.S. with new trade deals after Trump imposed tariffs on various goods. Lutnick appreciated India’s efforts to be among the early countries to amend trade policies that could benefit the U.S. “I think India is trying hard to be one of the earlier countries (to reach a trade deal with the U.S.), which I appreciated,” he said.
He added that the U.S. would want access to BRICS member India’s markets to reduce the trade deficit. “But what I hope to achieve is we would like market access. We would like our businesses to have reasonable access to the markets of India. We want to have the trade deficit reduced,” he said.
Lutnick revealed that the U.S. will also allow special access to BRICS member India if it opens up its markets. “Now, in exchange for that, what India is going to want is certain key markets to make sure that they have special access to the American marketplace,” he summed up.
India Had Rejected De-Dollarization Early This Year
BRICS member India had openly stated that the country is disinterested in the de-dollarization agenda. The Modi government made it clear that they want cordial ties with the U.S. and do not want to upend existing trade deals. India’s GDP is growing, and without the help of the U.S., business transactions would come to a standstill.
Cutting ties with America is a risky affair for the Modi government, as the Prime Minister does not want to hamper the growing GDP of the country. In addition, India hosts the largest IT sector for the U.S., and the two have been going hand-in-hand for three decades. If the country messes up with its IT sector, businesses could move to other developing nations. Therefore, BRICS member India will have more to lose than gain if it ends its reliance on the U.S. dollar.
Also, Trump has always called Modi his good friend, and the two share warm and gracious relations. Both leaders highly praise the other, calling each other’s decisions tough and bold. India is the only country in BRICS that has openly shown support for the U.S. dollar by rejecting de-dollarization.
India’s Market Potential Remains a Key Focus
The U.S. knows that BRICS member India has a huge market with potential returns worth billions of dollars. Its population of 1.4 billion people holds the key to revenues and profits worth millions and billions. Elon Musk’s Starlink is also looking at an entry into the Indian markets to provide high-speed internet connections. They are also planning to make the pricing affordable to cater to a larger section of the Indian audience.
@ Newshounds News™
Source: Watcher.Guru
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