The US SEC Chair Paul Atkins said Tuesday that a formal “innovation exemption” designed to support crypto firms could be finalized by this year.
Despite the government shutdown, Atkins told reporters that working on this exemption remains a “top priority.” The plan is something he was hoping to have “squared away.” CoinDesk initially reported his remarks.
“That’s one of the top priorities to try to get that because I want to be welcoming to innovators and have them feel like they can do something here in the United States, so that they don’t have to flee to some foreign jurisdiction.”
Innovation Exemption: Here’s What to Expect
The innovation exemption provides a stable platform for companies building digital asset infrastructure. It would create a structured window for experimentation.
This means that developers and entrepreneurs can quickly deploy blockchain-based services domestically, rather than moving operations overseas.
Crypto Industry Faced 4 Years of ‘Repression’: Chair Atkins
On Tuesday, Atkins related how the crypto industry had faced “four years at least, of repression,” resulting in “pushing things abroad, rather than having innovation being done.” He spoke at an event hosted by the law firm Katten Muchin Rosenman LLP in midtown Manhattan.
He referred to how critics accused the previous Biden Administration, labelling it “regulation by enforcement” to police the digital asset market.
Previously, Atkins suggested that the measure could accelerate the rollout of on-chain financial products, while the SEC works on wider rules for digital assets.
The effort is a part of President Donald Trump’s wider ambition to position the U.S. as the “crypto capital of the planet,” he said at the time.
The agency is looking to initiate the rulebook by the end of 2025 or by the first quarter of 2026. He said that the rollout depends on the ongoing US government shutdown.
“We’ll see where that goes, but I have confidence [we’ll] be able to do it.”
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