At his first public event as SEC chairman, Paul Atkins made it clear he’s backing crypto innovation. Speaking at a crypto roundtable on Friday, Atkins promised to push for securities policies that better support crypto assets. He said the SEC plans to revisit rules for crypto brokers and custody, and acknowledged that the agency can move ahead with changes even while waiting for Congress to act.
SEC’s Atkins Calls for Urgent Crypto Policy Changes
SEC Chair Paul Atkins said on Friday that the crypto industry’s growth has been held back for years and it’s clear that big changes are needed.
Just four days into his new role, SEC Chair Paul Atkins pointed out that the market itself is showing signs that the current rules are way overdue for an update. He said he plans to work with other commissioners, staff, and the industry to find solutions. The roundtable focused on the problems companies face when trying to safely hold crypto assets for customers while following the law.
Also read: Crypto Outlook Brightens Under SEC Chair Paul Atkins: Regulatory Clarity Soon?
With Congress still working on crypto rules, Atkins told the audience at SEC headquarters that the agency will aim to create a “rational, fit-for-purpose” framework for the industry. Atkins suggested the agency might take some action while waiting for new laws to be passed.
He said, “It’s always good to have Congress’ input, and if there’s a statute to back up what we’re doing, I think that’s all the better. But we have ample room to maneuver under existing rules and laws.”
The Chairman showed excitement about blockchain’s future, saying it could bring big improvements in efficiency, lower costs, more transparency, and better risk management.
Atkins also praised Commissioner Hester Peirce, often called “crypto mom,” for her strong and consistent support of smart crypto policies in the U.S. He said Peirce is the right person to help create clear and fair rules for crypto markets.
Atkins Aims for Collaborative Approach
The half-day event at the SEC’s Washington, D.C. headquarters was a significant moment for Atkins. It took place just weeks after the SEC officially ended its years-long lawsuit against Ripple.
The session brought together crypto leaders, regulators, and legal experts to focus mainly on one key topic: how digital assets are securely stored and protected, also known as custody.
Also read: XRP, ADA and Altcoins Rally As New SEC Chair Paul Atkins Promises ‘Principled Approach’
Crypto custody has been a tricky issue at the agency. Under Gensler’s leadership, the SEC pushed for a rule that would require investment advisers to store their clients’ digital assets only with approved custodians. Gensler made it clear that the goal was to block most existing crypto platforms from acting as custodians. However, the plan has been put on hold.
The crypto industry played a key role in helping Donald Trump win the presidential election in November. After a rocky four years under Joe Biden, the industry backed Trump’s campaign with funding and also supported congressional candidates who were seen as allies to its goals.
