Another regulatory season is officially open in the U.S. And while the industry awaits the next move from the Fed on interest rates, an unexpectedly loud signal has come from the other side – from the Securities and Exchange Commission (SEC). Could it be that after long years of 'cat-and-mouse' games and ominous lawsuits, we are in for something fundamentally different? Or is this just a new act in an old play with different actors?
Just yesterday, the new Chairman of the Commission, Paul S. Atkins, spoke at the round table of the Crypto Task Force dedicated to tokenization, with a speech that at first glance sounds like manna from heaven for the crypto industry. This is not just a routine statement; it is a signal of a potential tectonic shift in the approaches of the American regulator, which many have rushed to call historic.
Chairman Atkins immediately took the bull by the horns, comparing the transition of assets 'on-chain' (to blockchain) to the revolution of digital audio. Remember how vinyl records turned into MP3 files? This liberated music from old frameworks, made it compatible, and spawned new consumption models (hello, streaming services!). Atkins is confident that tokenization has similar potential for the securities market – new ways of issuance, trading, ownership, usage (for example, through smart contracts for automatic dividend payments), and increasing asset liquidity. According to him, blockchain promises many innovative use cases that current SEC rules simply could not foresee.
That is why, as Atkins stated, for the U.S. to truly become the 'crypto capital of the world,' as President Trump envisions, the SEC must 'keep pace' with innovations and change rules that are clearly outdated or unsuitable for digital assets ('trying to fit a square peg into a round hole' – a quote that sounds like a breath of fresh air for the industry). The Chairman openly criticized the SEC's past approaches: first 'hiding in the sand' (hoping that crypto would disappear), and then moving to 'shoot first and ask questions later' – that is, stifling the industry with lawsuits instead of developing rules. He acknowledged that old forms and rules do not fit on the blockchain. Sounds great, right? A real balm for the wounded and lawsuit-burdened soul of the crypto community.
And here it is, the 'new course'! The main priority is a 'rational regulatory basis' with 'clear rules of the game.' They will regulate through rulemaking, not litigation (lawsuits are now only against the 'bad guys' and fraudsters who have violated established rules – but where those rules are remains somewhat unclear). A special Task Force has even been created within the SEC. It seems like everything is on point.
The Chairman outlined three key areas where order will be established. First, the issuance of crypto assets: they promise clear guidelines, exemptions from registration, and 'safe harbors.' They acknowledge that current requirements are too complicated. Second, custody: the cancellation of the infamous SAB 121 bulletin has been confirmed (at least something has been done!), they promise clarity regarding qualified custodians and may even consider allowing funds to self-custody assets. Third, trading: they want to allow platforms to trade a broader range of products (both securities and non-securities), modernize rules for trading systems, and consider listings on national exchanges.
So what do we have in the dry residue? What will this 'new approach' be, and is it the regulatory clarity that the industry is eagerly awaiting (and this impatience has already turned into a chronic condition)?
Let's be frank: the words of Chairman Atkins are a very important signal and a change in tone. He sounds much more constructive and informed about the industry's problems than his predecessors. The message of moving from 'litigation-based regulation' to 'rules-based regulation' is precisely what the crypto industry has been fighting for. Acknowledgment of the inadequacy of current norms is also a plus. All of this creates the potential for a more favorable environment in the future.
However, let's take off the rose-colored glasses. This is still just intentions, promises, and assignments to staff to 'consider' or 'study.' Between the Chairman's statement and real, functioning rules lies a vast chasm filled with bureaucracy, approvals, public discussions, and inevitable delays. We have already seen how long processes can take even for less controversial issues. It turns out this is not the clarity the industry is waiting for right now. This is only the beginning of the path to it, and this path will likely be long and thorny.
"Rational basis" and "clear rules" sound nice, but what exactly will be in these rules? How will the issue of "securities" be resolved? What will the real requirements be for "safe harbors" and self-custody? Will the new rules really encompass all the specifics of crypto, or will it just be 'whitewashing' old forms? For now, there are no answers. And as long as there are no answers, there is no clarity that allows for calm business building in the U.S., without fear that at any moment someone will come at you with a lawsuit for actions taken before the emergence of 'clear rules.' Words about fighting fraud are good, but the uncertainty surrounding the 'established obligations' remains the main problem that Atkins's speech promises to resolve but has not resolved in fact.
For the cryptocurrency market, this speech is certainly a positive hopeful factor. It could reduce the 'regulatory premium' for the risk of operating in the U.S., and if promises are kept, it may attract more capital and projects over time. But it is critically important to understand: right now, nothing has changed. There are still no rules, the process of creating them is just beginning, and real clarity that allows for calm operation is still a long way off. Perhaps this is the dawn of a new era, but for now, we see only a faint glimmer on the horizon after a long night of uncertainty and litigation.
Chairman Atkins's statement is an important and positive signal, changing the confrontational tone of the SEC to a more constructive one. It promises clarity and the beginning of a path toward it, which is valuable in itself after many years of uncertainty. But this is not an instant solution to all problems. Real regulatory clarity and predictability require the adoption of specific rules, and that process is just starting. The industry has gained hope and a roadmap, but actual 'building' will take time. So, cautious optimism is warranted, but a complete triumph of clarity is still not here. We will watch to see if beautiful words turn into real actions.