SEC chair Paul Atkins says crypto deserves regulatory clarity

The U.S. Securities and Exchange Commission’s new Chairman Paul Atkins has called out the agency’s previous administration as having fostered “uncertainty.”

Atkins made the remarks in his first public appearance since officially taking charge as the SEC chair. He was speaking at the regulatory watchdog’s crypto roundtable in Washington DC.

He slammed the SEC’s approach over the past four years as largely having stifled innovation.

“Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered,” the new agency chief noted.

Atkins has reassured the crypto industry that he’s ready to work with the U.S. Congress and President Donald Trump’s administration to bring regulatory clarity to the space. In his view, “rational fit for purpose framework” regulations are key to promoting the digital assets sector, including  risk mitigation.

Atkins, sworn in as the new SEC chair earlier this week, replaced Gary Gensler- the former chair under whose leadership the agency became increasingly anti-crypto. Its regulation by enforcement approach saw it file lawsuits against multiple crypto companies, including top exchanges Coinbase and Binance. 

Under interim chair Mark Uyeda, the SEC ended several investigations and withdrew most of its cases. It also ended its legal tussle with Ripple, a major case the agency filed in December 2020.  

The “Know Your Custodian: Key Considerations for Crypto Custody” is the third roundtable of the five the SEC crypto taskforce has planned. Regulators are looking to use the roundtables to get key insights that will help its work towards clear crypto asset regulation.

 Atkins returns to the SEC having previously served as a commissioner from 2002 to 2008. He was appointed to the agency by former U.S. president George W. Bush, and now serves as chair after being tapped by President Trump.

“As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors. Together we will work to ensure that the U.S. is the best and most secure place in the world to invest and do business,” he said in a statement.

He is the 34th Chairman of the SEC.