Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC) gave a significant assessment of the role of regulators, the fight against insider trading, and its approach to the rapidly growing cryptocurrency market.
Atkins said insider trading has long been an area of scrutiny by the SEC, acknowledging that the number of large cases that have attracted public attention has declined in recent years. However, he has also addressed concerns about poor regulations, particularly in the cryptocurrency market.
“Fraud is fraud,” Atkins said, reminding us that the SEC’s main mission is to protect investors, support capital formation, and ensure the market is operational and efficient. He said they will play an active role in the cryptocurrency market along this mission.
The program stated that the investor group used the example of “Sorkincoin” that was temporarily released in the past to make organized purchases and sales through private communication channels, which was reminiscent of market manipulation in the 1920s. Atkins said such movements are being closely monitored by the SEC.
Atkins also said the way companies communicate with investors has changed, and social media and podcasts are effective in spreading information in addition to traditional platforms. Remarking that the situation has brought the issue of accessing internal information back to the agenda, Atkins said it is important for the market to operate based on information and fair access.
Atkins was also asked about regulations regarding stock trading by members of Congress. It was noted that the “stock law” passed by Congress several years ago had limited impact, but Atkins said they meticulously reviewed thousands of reports on the subject, but he could not comment on specific cases.
*This is not investment advice.
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