New SEC Chair Paul Atkins announces a new vision, promising a more crypto-friendly and open SEC, in stark contrast to the Gensler era. Could this be a turning point for the digital asset industry? Let's analyze in detail.
Paul Atkins: A New Vision for Crypto at the SEC
On May 12, at the 4th roundtable of the crypto task force, SEC Chairman #PaulAtkins – appointed by President Donald Trump – announced a new direction. Instead of Gary Gensler's harsh and enforcement-based approach, Atkins is committed to building transparent policies, using regulatory tools, interpreting laws, and exemptions to support the market. He emphasized: 'This is a new era at the SEC. We will establish appropriate standards, not based on single enforcement actions.' Atkins, a crypto advocate, recognizes the potential of decentralized blockchain and wishes to collaborate with lawmakers to create a legal framework that fosters innovation.
Under Gensler, the SEC sued many major crypto companies, but most accusations were dropped when he left office in January 2025. Atkins criticized: 'The SEC used to be willing to negotiate, but that was just an empty promise, with no adjustments made for new technologies like blockchain.'
Regulatory Reform: Supporting Crypto Innovation
Atkins is committed to comprehensive reform:
Asset custody: Regulatory adjustments to allow funds and investment advisors to self-custody digital assets under certain conditions.
Legal framework: Reassessing regulations for special brokerage firms and classifying which digital assets are securities.
Conditional exemptions: Granting exemptions for projects testing new products that are incompatible with existing regulations.
These changes aim to encourage innovation, helping crypto companies operate more legally and transparently.
Tokenization: A Necessary Financial Revolution
Atkins emphasizes that the tokenization of securities is a natural advancement, comparing it to the evolution of digital sound – from vinyl records to streaming – benefiting users and the economy. Asset tokenization (RWA) is bridging traditional finance and blockchain. BlackRock (BUIDL) and Franklin Templeton (BENJI) have launched tokenized U.S. Treasury bond funds, while Robinhood is considering its own blockchain to trade U.S. securities in Europe as tokens. According to rwa.xyz, the on-chain RWA value reached $22.6 billion, up 7.6% in 30 days, not including stablecoins ($231 billion, with USDT $150.6 billion).
Impact on the Crypto Market
This event brings many positive signals:
Increasing confidence: Crypto fund inflows reached $3.4 billion last week, Bitcoin ETFs attracted $1.8 billion, forecasting accumulation of $330 billion into Bitcoin by 2029.
Promoting RWA: Asset tokenization could reach $50 billion in the next 1-2 years, with involvement from major players.
Future Prospects
If Atkins fulfills his commitment in the next 1-2 years, #SEC could become the 'friend' of the crypto industry, promoting innovation and attracting institutional capital. However, skepticism from the Gensler era makes the community cautious – is this just an empty promise? The expansion of asset tokenization also requires a clear legal framework to avoid risks of money laundering and fraud.
Conclusion: Will the SEC Bring Crypto into a New Era?
Paul Atkins opens a new era at the SEC with a friendly approach, supporting crypto through regulatory reform and promoting asset tokenization (RWA $22.6 billion). With great potential but also many challenges, investors should stay closely monitored to seize opportunities and avoid risks from policy changes.
Risk warning: Crypto investments carry high risks due to price volatility and legal uncertainties. Please consider carefully before participating.