Ah, dear reader, lend me your ear! The mighty US Securities and Exchange Commission, that venerable institution revered as much as a tsar in a village square, has decided to engage in a curious new dance-the crafting of an “innovation exemption.” Yes, you heard it right! To grace digital-asset products with the swift blessing of approval before the old year slinks away into the shadows.
On a frosty Tuesday, amid the smoky glow of a Fox Business interview (because where else but such a chamber of capitalist oracles?), Chairman Paul Atkins announced that the SEC will soon embark on “rulemaking,” a term as vague and mysterious as a village blacksmith’s cryptic grunts.
“We’re looking for an innovation exemption – to try to get that in place by year end.”
Now, this “innovation exemption” is no less than a clever ruse: a neat little loophole carved out for crypto merchants, allowing them to frolic freely-like mischievous Cossacks-beyond the stiff and dusty scrolls of older securities law. A truce, if you will, until the SEC’s wise scribes can conjure up their own bespoke regulations.
Our protagonist, Atkins, responding to curious inquiries about the freshly minted first multi-asset crypto exchange-traded product, seemed rather proud. This splendid contraption launched last Friday, granting the eager investor a ticket to a merry carousel of coins: Bitcoin, Ether, XRP, Solana, and Cardano-quite the digital balalaika orchestra!
Like a craftsman unveiling a new hammer, Grayscale’s crypto fund appeared under the SEC’s new “generic listing standards.” This marvelous invention reduces the approval timeline-for ETFs, not for the patiently waiting monks in monasteries-under the enigmatic Rule 6c-11.
Atkins, with the gravity of a village elder who finally found his pipe, declared, “It’s not just an ad hoc type of approach. We’re trying to give the marketplace some kind of stable platform upon which they can introduce new products.” A fine speech indeed-in other words: “Let’s put wheels on this sleigh and hope it flies.”
Atkins, the Herald of Crypto Innovation or Mere Jester?
Since his anointing in April, Atkins wears his hat boldly as the champion of all things newfangled and digital. July 31 saw him unveil “Project Crypto,” an ambitious quest to drag securities laws from their 19th-century slumber and into this brave new world where money dances on the blockchain.
In August, speaking at the Wyoming Blockchain Symposium (a gathering surely as lively as a provincial fair), he proclaimed that very few tokens are truly securities-though, of course, it depends on the “package” and the manner of its selling. Ah, the eternal riddle wrapped in a mystery sandwich!
Gone is the stern shadow of his predecessor Gary Gensler, who held tightly to the Howey test like a miser clutching his last kopek, declaring most digital assets to be securities and thus shackled forevermore.
So, my friends, while the SEC shuffles papers and plans exemptions, the crypto carnival marches on-faster, brighter, and with just enough uncertainty to keep us entertained. As always, fortune favors the bold… or at least the well-informed and slightly amused.
🎩💼📜
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2025-09-23 20:38