SEC Chairman Paul Atkins, in a statement made on his fourth day in office, promised a more innovation-friendly and risk-reducing regulation for digital assets.
The newly appointed chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, delivered his first public speech at a roundtable meeting focused on cryptocurrencies. Atkins stated that they would work with Congress and the Trump administration to create a 'reasonable and targeted' regulatory framework for crypto assets. This statement indicates that a significant change has begun in the SEC's stance towards crypto.
Atkins criticized the SEC's strict approach during the Biden administration, stating that innovation and sector development have been suppressed for years due to 'unnecessary regulatory uncertainty.' The new president emphasized that digital assets have the potential to reduce risks and lower costs. He also indicated that the SEC could take action on issues such as crypto custody and broker-dealer licenses by using its existing legal authority without waiting for new legislation.
A brand new regulatory approach for crypto
Paul Atkins announced that the SEC is preparing to modernize its rules on crypto asset custody. He specifically mentioned that the controversial custody rules that emerged during the Biden administration, which aimed to disable most crypto platforms, will now be re-evaluated. Atkins' message has raised expectations for clearer, more transparent, and supportive regulation in the crypto sector.
The new SEC Chairman's aim for a 'suitable and purpose-driven' regulation for crypto assets has generated great excitement in the sector.
