US financial markets have long been burdened with a patchwork of outdated, overly complex, paternalistic rules. Meanwhile, the government’s failure to establish a legislative regime for digital assets combined with its aggressive persecution of the industry has strangled innovation. Not surprisingly, the rest of the world stepped ahead and left the United States.

Now, under President Trump’s leadership, we are on the verge of a historic shift. His “greatest deregulation campaign in history” and “Revolution of common sense” gives us a rare chance to remove artificial boundaries, go to retirement’s outdated philosophies and consider our approach to regulating financial markets and ecosystems to digital asset. Instead of creating and being bound by reactive rules designed for previous crises and technologies, we can design flexible, forward framework that promotes innovation.

As I look at these frameworks, I am reminded of wisdom shared by Securities and Exchange Commission President Harvey Pitt (2001-2003), a lion of securities bar for our markets to embody. Chairman Pitt compared these to the Ten Commandments of God – clear principles of managing behavior with the industry that is tasked with meeting them.

Too often, regulators and market participants are spoiled in the details of prescription laws and miss out on their core efforts. While norms, standards and rules have their place, the “ten commandments” proposed here give a strong foundation for a future framework. The key is to first understand the purpose of the federal securities laws.

In their core, these laws regulate transactions involving securities – whether it is shares in a company, loan truck or investment bars. When people confide in your money, you owe them specific tasks. The securities laws are primarily a revealing regime designed to ensure fair and transparent exchanges that provide investors with the information they need to assess the risk and benefits of their investments.

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These laws arose after the stockpower in 1929, which was driven by unethical practice such as insider trading and stock manipulation and exacerbated by information asymmetry between buyers and sellers of securities. The Securities Act of 1933 and Securities Exchange Act of 1934 were adopted to prevent these abuses and to facilitate companies achieving capital, protecting investors who invest their capital and ensure that the markets are fair and effective while minimizing burdens on honest business activities.

Despite good intentions, these laws have become too complicated, suffocating competition and limiting investor freedom. In order to reimagine financial market regulation, especially in the light of new technologies and digital assets that are subject to the securities laws, we must return to the principles that formed these laws – principles that promote justice while minimizing burdens of honest businesses.

Based on President Pitt’s vision, I distilled the core values ​​of market participants in the following ten bids for a reliable market:

1. You must disclose information on material information. Full and fair disclosure is at the heart of the securities laws. Issuers must provide truthful, complete and non -holding material information to investors so that they can make informed financial decisions. To hide or incorrectly represent critical information that affects the expectations of the surplus undermines confidence and market integrity.
2. Don’t deceive or manipulate. Fraud and market manipulation distorts the true value of securities, investors and the market. Prevention of misleading practice helps to ensure justice.
3. Do not trade with material not -public information. Insider trading provides an unreasonable benefit to those with access to confidential information. This ensures a fair gaming area for all market participants.
4. You need to tell the truth about your financial health. Accounts must be accurate and transparent, reflecting a company’s true financial state so that investors can accurately assess risks and make informed financial decisions.
5. You have to treat all investors equally. All investors must have equal access to material information and options. This ensures justice and prevents insider benefits and discriminatory practices.
6. You need to reveal the risks involved. Investors must be informed of the risks associated with their investments so that they can make choices in line with their financial goals and risk tolerance.
7. You must act in accordance with your duties to others. Market participants who owe obligations to trust and responsibility, such as financial professionals and corporate directors, must act in the interests of their clients and shareholders, not to their own personal gain.
8. You strive to avoid conflicts of interest, but if some are inevitable, reveal them. Market participants should avoid or minimize conflicts of interest, but if inevitable, conflicts must be passed on. Transparency allows investors to make decisions with an understanding of potential parties and maintain confidence.
9. You need to secure fair and transparent markets. Markets must operate on the basis of genuine supply and demand, free of artificial distortions. This promotes trust and fair pricing.
10. You need to promote effective and orderly markets. Markets must work smoothly with transparent pricing and equal access for all participants. This promotes market stability and investor confidence.

By focusing on these core principles, we can create adaptable regulatory frameworks that keep pace with technological advances and avoid the limitations of outdated laws. This is the time for a seismic shift in financial regulation towards an approach that foresees future markets and innovations. We can build a future -proof financial system that benefits everyone by ensuring clarity, justice and order as we promote innovation.