Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), presented his vision for reforming the agency’s cryptocurrency policies on Monday, stating that he plans to establish guidelines for the distribution of cryptocurrencies that qualify as securities and to review whether additional exemptions are necessary.
In remarks made at the start of a public meeting of the SEC’s crypto market working group, Atkins also noted that the SEC may consider amending its rules to allow registered broker-dealers with an alternative trading system (ATS) to facilitate trading in non-securities, such as bitcoin or ether, the two largest cryptocurrencies.
“A key priority of my chairmanship will be the development of a rational regulatory framework for cryptocurrency-based asset markets, which will establish clear rules for the issuance, custody, and trading of these assets while continuing to deter malicious actors from breaking the law,” the SEC chairman stated.
Atkins, who was sworn in last month, said his primary focus as SEC chairman will be to provide a solid foundation for digital assets and to keep politics out of securities laws.
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The cryptocurrency industry has long clashed with regulators over how federal securities laws apply to digital assets.
U.S. President Donald Trump, who campaigned with a promise to be a “crypto president,” has pledged to reverse an industry crackdown under the SEC of former President Biden, which sued several crypto companies, including Coinbase and Kraken, alleging they had violated its rules. The SEC’s new leadership has agreed to withdraw or suspend many of these cases.