The crypto world is holding its breath. Paul Atkins would be the new SEC chair at that point. This change would be nothing short of revolutionary for Web3 — particularly artists from developing economies. Forget the Bitcoin bros for a second. So let’s shine a little more light on those creators, innovators, and real builders who are neglected from the national discussion. Will this change finally give them a level playing field?
Forgotten Artists, Forgotten Voices
For years, the SEC, and particularly under Gensler, seemed like a hammer seeking its nail. Policymaking by enforcement Policing the sector was the motto, and although some regulation was warranted, the sentiment was repressive — especially to smaller actors. Imagine kicking off a radical public works initiative supported by NFTs. Then imagine doing that while living in fear of an SEC investigation around the corner. For many artists—and particularly for those hailing from Southeast Asia and other emerging economies—that has been the stark reality they’ve been contending with.
I’ve been having conversations with artists in the Philippines. Now, they’re using NFTs to both fund their work and further connect with a global audience. They don’t want to execute the next rug pull scam. They’re just like any other artists, trying to make a living and share their culture with the world. The regulatory uncertainty that creates the regulatory barrier makes it almost impossible to do so. They’re made to constantly trade off between innovating and regulatory compliance, a trade-off that frequently results in eventual irrelevance. This isn’t just an arts-funding issue, it’s an economic opportunity and historical/cultural preservation one!
Rule 195 – A Lifeline for Creators?
The possible introduction of a Rule 195-like safe harbor would be a real stroke of genius. Consider it your emergency armor. It provides a safe harbor to blockchain projects to allow them to develop and reach maturity before they come under the full force of SEC scrutiny. Nowhere is this more important than for artists taking the leap to explore new Web3 technologies.
Imagine this: An artist in Vietnam wants to launch an NFT collection that supports a local environmental cause. With a safe harbor, they can experiment, build a community, and refine their project without the immediate fear of regulatory action.
Without it: They might abandon the project altogether, stifling innovation and denying a valuable funding source for a worthy cause.
This isn’t about letting corporate bad actors off the hook. It’s not only about creating a more supportive ecosystem for bona fide creators to succeed. It's about recognizing that the Web3 landscape is constantly evolving and that a one-size-fits-all regulatory approach simply doesn't work.
| Feature | Rule 195 (Potential) | Gensler-Era SEC Approach |
|---|---|---|
| Focus | Innovation & Growth | Enforcement & Compliance |
| Risk Tolerance | Higher | Lower |
| Impact on Artists | Positive | Negative |
Beyond Regulation: A Call to Action
Atkins' appointment is a step in the right direction, but it's not a magic bullet. We can’t stop at a leadership change. What we really require is a complete paradigm reversal in our approach to Web3 regulation—a shift that places innovation and inclusivity at the forefront.
We can no longer afford to let upstart, emerging artists fall by the wayside. They are the future of Web3. Their success will be an important step towards making our increasingly digital future more inclusive and equitable. Let’s work together to ensure Atkins’ SEC establishes a marketplace where they can finally flourish. Now it’s time to translate that cautious optimism into focused action. It's time to build, together.
- Support emerging artists: Invest in their work, amplify their voices, and help them navigate the regulatory landscape.
- Advocate for sensible regulation: Contact your representatives and urge them to support policies that foster innovation and protect consumers.
- Demand education and resources: The SEC and the crypto community need to provide clear, accessible information about Web3 regulations, especially for artists in emerging markets.
- Hold Atkins Accountable: While optimism is good, we must pressure him to deliver on his promises of a “rational, coherent, and principled” framework.
We can't afford to leave emerging artists behind. They are the future of Web3, and their success is essential for building a truly inclusive and equitable digital world. Let's make sure Atkins' SEC creates an environment where they can finally thrive. It's time to turn cautious optimism into concrete action. It's time to build, together.
