The speech given by the newly appointed SEC chairman at the tokenization and encryption working group roundtable last night is worth watching. The main measures for the future "deregulation" of encrypted assets should start from the three levels of issuance, custody, and trading mentioned by Atkins. Key points of speech: 1. Securities are increasingly being migrated from traditional (i.e. "off chain") databases to blockchain (i.e. "on chain") ledger systems. On chain securities also have the potential to reshape various aspects of the securities market, including the issuance, trading, holding, and use of securities. For example, on chain securities can automatically distribute dividends through smart contracts. Tokenization can also enhance capital formation, transforming previously illiquid assets into tradable investment opportunities. Blockchain technology is expected to expand the various new uses of securities, giving rise to many market activities that were not previously envisioned by current committee rules. 2. The core task of the new chairman is to establish a reasonable and clear regulatory framework for encrypted assets, establish clear rules for the issuance, custody, and trading of encrypted assets, while cracking down on violators and protecting investors from fraud. By formally establishing rules, definitions, and exemptions through legal procedures, clear standards applicable to market participants are set. Law enforcement should return to enforcing existing rules, especially in preventing fraud and manipulation. 3. Key three areas of tokens 1) Issuance I hope the SEC can establish clear and reasonable guidelines for the issuance of encrypted assets involving securities or investment contracts. The staff has also begun to clarify that certain encrypted assets and distribution activities are not subject to securities laws. But this measure is very temporary, and the staff is studying whether additional exemption mechanisms, safe harbor clauses, and feasible paths for cryptocurrency issuers need to be added. 2) Custody It should be further clarified which institutions can be considered as "qualified custodians" under the Advisory Law and the Investment Company Law, and reasonable exemptions should be provided for some common methods of encrypted custody. The SEC may need to further clarify the application of the "Customer Protection Rules" and "Net Capital Rules" to cryptocurrency custody. 3) Trading Support registration agencies to provide richer trading products based on market demand, breaking the previous SEC restrictions on cryptocurrency trading. For example, some brokers hope to launch an integrated "super application" that combines securities, non securities, and financial services. The federal securities law does not prohibit registered brokers from matching non securities transactions on their ATS platform, including "hedging transactions" between securities and non securities Explore rules or guidance to enable national stock exchanges to smoothly launch cryptocurrency assets. In short, the SEC and its staff are working hard to develop a comprehensive regulatory framework for encrypted assets, but securities market participants should not be forced to innovate blockchain technology offshore. I also want to study a conditional exemption mechanism that allows new products and services that are difficult to implement due to current regulatory restrictions to have the opportunity to innovate under compliance. Did you talk about https://(x.com)/qinbafrank/status/1857593544497836118 in November last year? S=46&t=k6rimWSEbo2D2TXolYcM-A The significance of "deregulation" for the cryptocurrency industry lies in creating a "future friendly and innovative cryptocurrency industry environment, and a relaxed and regulated cryptocurrency regulatory environment" that is gradually being implemented