SEC Chair Atkins says proposed rules aim to bring crypto firms home

SEC Chairman Paul Atkins says the SEC's proposed Regulation Crypto Assets aims to bring back crypto companies that left the United States over the past four years. The plan includes two capital-raising exemptions. Atkins says heavy-handed enforcement pushed crypto builders overseas instead of unclear rules. He says older securities rules dating to the 1930s were not designed for tokens. Atkins told Fox Business that the proposal is intended to reassure founders who left the United States. He said the past administration's four-year run pushed innovators to develop products and raise money abroad. Atkins says American investors can move money across borders with a few clicks. He says legal access to those investments in the United States would keep activity under U.S. law. Atkins wants Congress to pass the pending CLARITY Act. The bill would divide crypto oversight between the SEC and the Commodity Futures Trading Commission. Atkins says legislation is needed to establish rules that a future SEC cannot simply reverse. He says congressional action and SEC rulemaking are part of the same effort to bring capital back to the United States.