Odaily Planet Daily News: Chairman Paul S. Atkins of the U.S. Securities and Exchange Commission testified before the House Financial Services Committee on Wednesday, outlining his key focus areas and emphasizing that the SEC will continue to prioritize protecting investors, maintaining fair and efficient markets, and promoting capital formation. At the same time, the SEC aims to balance regulation between traditional markets and digital assets, including:
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Reducing corporate compliance costs: Highlighting that publicly traded companies spend up to $2.7 billion annually on annual report disclosures, emphasizing the need to streamline, modernize, and focus on substantive information to make disclosures more useful and easier to understand.
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Supporting IPOs and capital formation: Proposing three major initiatives—disclosure centered on substantive information, depoliticizing shareholder meetings, and providing companies with alternative litigation options—to encourage innovation and protect investors.
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Promoting digital asset regulation: The SEC is collaborating with the CFTC on Project Crypto to develop a token classification system and provide clear regulatory guidance, while considering exemptions for on-chain transactions and activities. The SEC supports Congress in advancing the CLARITY Act to establish a federal framework for the crypto market.
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Reviewing traditional regulatory tools: Conducting a comprehensive review of the Consolidated Audit Trail (CAT) system and has taken measures to cut annual costs by approximately $92 million.
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Strengthening investor protection and enforcement: Returning to core mission, focusing on combating fraud, insider trading, financial misconduct, and cross-border manipulation. Additionally, establishing a cross-border enforcement task force and suspending trading of stocks from several Asia-Pacific issuers to prevent manipulation.
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