SEC Chair Paul Atkins Announces His Crypto Regulatory Vision, Institution to Take a More Crypto-Friendly Approach

BlockBeats News, May 13th - The newly appointed Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, announced on Monday that the agency will undergo significant changes in its approach to cryptocurrency regulation and outlined details regarding issuance and custody. Atkins, nominated by President Trump, outlined these plans at the SEC's fourth cryptocurrency roundtable, demonstrating that the agency is taking a markedly different approach to digital asset regulation compared to the previous administration.

“A new day is dawning at the SEC,” Atkins said. “Policy-making will no longer rely on ad hoc enforcement actions. Instead, the Commission will use its existing rulemaking, interpretive, and exemptive authorities to set standards that are appropriately tailored for market participants.”

Atkins stated on Monday that he intends to develop guidance for assets deemed as securities or “investment contract-bound.” He criticized the approach under Jay Clayton, where companies were asked to visit the SEC, stating that the agency took an “ostrich policy - perhaps hoping cryptocurrency would go away.” “It purported to be willing to talk with potential registrants, ‘just come visit,’ but it was mostly talk and often disingenuous because the SEC hasn’t made necessary adjustments to its registration forms for this new technology,” he said.

Atkins also hinted at potential updates to custody rules to allow funds and advisers to engage in self-custody under specific conditions and revealed that the agency may take a new approach to its “Special Purpose Broker-Dealer Framework.” Atkins suggested that the SEC may also consider whether exemptions might be available for registrants and non-registrants seeking to bring new products to market that may be incompatible with current Commission rules and regulations. “I want to explore whether conditional relief is available for registrants and non-registrants seeking to launch new products and services that may be incompatible with the current Commission rules and regulations,” he said.