SEC's "Safe Harbor" proposal for encryption submitted to the White House for review, may be announced soon

ME News report, April 7 (UTC+8). SEC Chairman Paul Atkins said that a proposed “safe harbor” framework intended to provide startup exemptions for crypto projects has been submitted to the White House Office of Management and Budget’s Office of Information and Regulatory Affairs (OIRA) for review, which is the final step before official release. The proposal includes a “startup exemption,” which allows stakeholders in the crypto industry to raise a certain amount of funds within four years while providing specific disclosures. In addition, Atkins also proposed an “investment contract safe harbor” together with the SEC’s interpretive guidance on token classification issued earlier this year in March. Atkins noted that legislation is necessary because it can provide a more stable and durable regulatory framework than agency rulemaking. He also said the SEC is studying an “innovation exemption” as a regulatory sandbox for on-chain assets. The proposal has sparked extensive discussion over the past year between crypto supporters and traditional financial institutions. Atkins said the SEC has the authority to move forward with the innovation exemption and will announce the relevant parameters soon. He believes there is still a lot of work to be done in this area. (Source: PANews)