Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), made astonishing remarks about decentralized finance (DeFi) during the latest roundtable meeting of the agency's cryptocurrency working group.
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Atkins noted that "American values represented by economic freedom, private property rights, and innovation are integral to the DeFi movement," while strongly criticizing the previous administration for discouraging Americans from actively participating in blockchain through fines, lawsuits, and overly strict regulations that do not match the changing times.
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He added that they "applied regulatory frameworks that are a century old" to an innovative sector like DeFi and blockchain.
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A clear signal of support for Ethereum
Atkins also clarified that voluntary participation in proof-of-work or proof-of-stake networks, whether as a miner, validator, or storage service provider, falls outside the scope of federal securities laws, which the industry welcomed.
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He also called for greater flexibility for market participants regarding the self-custody of crypto assets, emphasizing that deploying storage code or wallet software does not constitute brokerage activity.
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