US Is ‘A Decade Behind’ in Cryptocurrency; Making It Right Is ‘Priority One’

At a recent gathering in Washington, DC, US Securities and Exchange Commission (SEC) Chair Paul Atkins noted that the United States is lagging by a decade in the cryptocurrency space, emphasizing that rectifying this gap is a top priority for the regulator.

During the DC Fintech Week event on Wednesday, Atkins stated his belief that the US is “probably 10 years behind” in cryptocurrency. “The crypto aspect is our job one,” he reaffirmed.

Atkins mentioned that the SEC plans to “build a strong framework to attract individuals back into the United States who may have left.” The goal is to create a conducive environment for innovation.

“I like to say that we’re the securities and innovation commission now,” he humorously remarked.

Exemptions for innovation

Atkins elaborated that formulating appropriate crypto regulation is part of the “embrace of innovation,” and that the SEC is dedicated to working diligently on crypto regulations. He hinted at an “innovation exemption” to facilitate experimentation with new concepts.

“We at SEC concerning our statutes have quite broad authority for exemptions, and so I believe we can be very proactive in that regard to accommodate new ideas,” he explained.

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Atkins advocates for superapps

Atkins expressed enthusiasm for the idea of “superapps,” all-in-one financial platforms that integrate payments, investments, and additional services into a single interface, suggesting they could promote innovation with the right regulatory framework. The development of such apps, inspired by Chinese counterparts like WeChat, has been a longstanding ambition for US firms, yet no significant Western superapps have come to fruition.

However, an increase in US regulatory support could favor the creation of these services. In September, Atkins showed support for platforms that provide numerous financial services under a unified regulatory umbrella.

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During the gathering, Atkins remarked that “considering regulatory coordination as an app in itself is quite clever.” He noted that it could serve as a means to synchronize various regulatory bodies. While Atkins did not delve into specifics on how the SEC might implement such coordination, he indicated that the agency aims to position the US as a hub for crypto innovation, not an afterthought.