#CryptoRoundTableRemarks New SEC Approach: Clarity or Illusion?**

At the roundtable on May 12, SEC Chairman Paul Atkins announced a shift from "regulation by enforcement" to creating a clear regulatory framework for the crypto industry. This includes a review of asset custody rules, token issuance, and trading, as well as adapting securities laws to digital assets. Atkins emphasized that this approach should make the U.S. the "crypto capital," maintaining market competitiveness.

Key changes — the possibility of self-custody for funds, a review of the Howey test, and support for innovative products — appear to be long-awaited clarity. However, skeptics note that the SEC is still limited to declarations, and specific rules (e.g., for DeFi) will only be discussed in June. Moreover, the success of reforms depends on Congress, where stablecoin legislation has already faced political hurdles.

The new SEC course is a step forward, but the industry is waiting for actions, not words. If the regulator implements the stated principles, it will reduce legal risks and accelerate institutional adoption of crypto assets. For now, the SEC's "new day" remains a promising but unfinished experiment.