- SEC Chair Paul Atkins has pledged to deliver a clear, consistent set of rules for the crypto industry
- Atkins has rejected regulation by enforcement in favor of transparent rulemaking with public input
- The new chair talked up the work of the Crypto Task Force and criticized the prohibitive actions of the last administration
In his first major speech as chair of the Securities and Exchange Commission, Paul Atkins has set a new tone for crypto oversight, promising to replace uncertainty with clarity and restore trust in how the agency handles digital assets. Talking to the United States Senate Appropriations Subcommittee on Financial Services and General Government on Tuesday, Atkins described the current regulatory landscape as fragmented and confusing, outlining a roadmap for building what he called a rational regulatory frameworkone designed to support innovation while protecting investors. He also talked up the work of the Crypto Task Force as being instrumental in helping spread the new message that crypto can be a force for good.
A Shift Away From Regulation by Enforcement
Atkins, who worked with the digital assets industry before his nomination, told the subcommittee that he saw firsthand how unclear or missing rules had slowed progress and opened the door to fraud. That lack of regulatory framework also invites fraud, Atkins said, underscoring why creating clear, consistent standards would be a top priority, adding that investors need rules of the road not just to guide legitimate actors, but to help them recognize when somethings a scam.
Rather than relying on surprise enforcement actions, Atkins said the SEC would return to notice and comment rulemaking, giving industry participants and the public a voice in shaping policy. The Commissions enforcement approach will return to Congress original intent, he explained, saying the agency would focus on upholding already-established rules, especially when it comes to fraud and market manipulation.
Breaking Down Silos
To help drive this regulatory overhaul, Atkins pointed to the newly launched Crypto Task Force, which brings together several parts of the Commission that had previously worked in isolation. Led by Commissioner Hester Peircelong known for her advocacy of fair and balanced crypto rulesthe group has already held four roundtables on key issues like security classification, trading rules, custody standards, and tokenization. A fifth session will focus on decentralized finance.
Atkins ended his talk on crypto but extolling the virtues of the technology:
Entrepreneurs across the United States and around the world are harnessing blockchain technology to modernize aspects of our financial system. I anticipate benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation.
America will wait and see if these promised technological bear fruit or if the blockchain dream continues to be just that.
