New SEC Chair Paul Atkins signifies a shift toward a more favourable crypto policy. He spoke at a roundtable on the potential benefits of blockchain technology and criticized previous regulatory approaches. Atkins called for stakeholder input on how existing laws might adapt to better accommodate the crypto market, signalling a departure from the strict regime of former Chair Gary Gensler.
The U.S. Securities and Exchange Commission (SEC) is gearing up for a fresh approach to cryptocurrency regulation with newly sworn-in Chair Paul Atkins at the helm. During a recent speech at the SEC’s third roundtable on its “Crypto Task Force,” Atkins emphasised the vibrant potential of digital assets and how they can modernise financial systems through blockchain technology.
Atkins pointedly criticised previous regulatory methods, asserting that past approaches had stifled innovation. “This is crucial work as entrepreneurs in the U.S. use blockchain to enhance the financial landscape. I envision significant advantages from this market innovation, including improved efficiency, reduced costs, increased transparency, and lower risks. Clear regulations are essential for those engaging with these technologies. Regulatory uncertainty fostered by the SEC over recent years has hampered growth in the sector,” he stated.
This marks a considerable shift from prior chair Gary Gensler’s tenure, known for strict enforcement against various crypto firms—like Binance and Coinbase. Following Gensler’s departure in January, several high-profile cases now sit closed under Atkins’s leadership.
Atkins invited input from crypto stakeholders regarding existing securities laws, highlighting that adjustments may be required to accommodate the evolving landscape of crypto assets. Specifically, he queried whether the custody rules need modifications and if the current structure of special purpose broker-dealers is suitable or outdated. His tone suggests an urgent need for reassessment of current frameworks as the market adapts to new realities.
