US Securities and Exchange Commission (SEC) Chairman Paul Atkin stated, "Regulators must clarify how existing regulatory frameworks apply to software applications when developing future regulations for on-chain financial markets." According to The Block, regulators are currently reviewing on-chain securities regulations for an upgrade, which includes potential rule-making regarding qualification requirements for crypto exchanges, brokers, dealers, and clearing agencies. Paul Atkin explained, "Software applications do not precisely fit into the SEC's regulatory roles such as clearing agencies, intermediaries, and exchanges." The media reported, "Unlike former Chairman Gary Gensler, who took a cautious approach to cryptocurrencies and claimed that most cryptocurrencies fall under the SEC's jurisdiction, Paul Atkin is taking a crypto-friendly stance."
