In one of his first major addresses since taking over as Chair of the U.S. Securities and Exchange Commission (SEC) in April, Paul Atkins declared a new era for cryptocurrency oversight, signaling a regulatory pivot more favorable to innovation in the digital asset space.
Speaking on May 19 in prepared remarks, Atkins called it a “new day” for the crypto industry and emphasized the SEC’s readiness to “adapt to and accommodate new developments” without compromising its legal obligations.
Clearing the Regulatory Fog
Atkins acknowledged the longstanding uncertainty surrounding crypto regulation, describing the sector as having been stuck in “SEC limbo for years.” He noted that although formal rulemaking is underway, much of the Commission’s work is still focused on clarifying existing policy through staff-level guidance.
“I have directed Commission staff across our policy Divisions to begin drafting rule proposals related to crypto,” said Atkins. “The staff continue to ‘clear the brush’ through staff-level statements.”
Break from the Gensler Era
The regulatory tone under Atkins marks a sharp departure from the policies of former SEC Chair Gary Gensler. Even before Atkins formally assumed the role, the SEC under the Trump administration had already started reversing course—dropping several investigations and enforcement actions against crypto firms in 2025. The agency has also begun issuing more focused guidance on contentious areas like memecoins and security tokens.
“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation,” Atkins said. “The markets innovate, and the SEC should not be in the business of telling them to stand still.”
Legislative Momentum and Jurisdictional Clarity
Atkins’ speech coincides with a broader push in Congress to codify the regulatory framework for digital assets. A draft bill currently advancing through the House of Representatives aims to clearly define the oversight roles of both the SEC and the Commodity Futures Trading Commission (CFTC).
Until such legislation becomes law, however, the SEC’s existing rules and guidelines remain vulnerable to legal challenges and criticism from stakeholders within the crypto industry.
SEC Eyes DeFi in Upcoming Roundtable
As part of ongoing efforts to foster dialogue around digital asset regulation, Atkins has led roundtable discussions at the SEC, including one upcoming on June 9 that will focus on decentralized finance (DeFi). These events reflect the Commission’s evolving approach to crypto policy, balancing investor protection with the realities of a rapidly advancing financial ecosystem.
