Sharp Change of Course: Paul Atkins’ First Statements as SEC Chairman

New Securities and Exchange Commission (SEC) Chairman Paul Atkins said he sees ”tremendous benefits” in digital assets and plans to work with lawmakers to create a regulatory framework for the cryptosphere, a statement made in his first public appearance at a cryptocurrency roundtable on just his fourth day in office. ”I look forward to engaging with market participants and working with my colleagues in President Trump’s administration and in Congress to create a rational, targeted regulatory framework for cryptoassets,” said Atkins on April 25 at an SEC roundtable on cryptocurrencies. Atkins said digital assets have the potential to bring ”tremendous benefits,” including risk mitigation and cost savings. The regulator’s change of course The SEC chief’s remarks came as part of the third of five roundtables held in recent weeks at the Commission’s Washington, D.C. headquarters. The current discussion, titled ”Know Your Custodian: Key Aspects of Holding Cryptoassets,” is part of the work of a special cryptocurrency working group. Atkins officially took office as SEC chairman earlier this week after being nominated by President Trump and subsequently confirmed by the Senate. Prior to his appointment, he founded consulting firm Patomak Global Partners in 2009, whose clients include banks, cryptocurrency exchanges and DeFi platforms. Atkins previously served as SEC commissioner from 2002 to 2008, where he was appointed by President George W. Bush Jr. Criticism of the previous approach The new SEC chairman did not fail to criticize the commission’s previous approach to regulating cryptocurrencies under the Biden administration. ”Unfortunately, innovation has been stifled over the past several years due to market and regulatory uncertainty, which the SEC has unfortunately encouraged,” Atkins said. Former SEC Chairman Gary Gensler took a far less friendly approach to the crypto industry, arguing that most cryptocurrencies are securities and bringing charges against major crypto platforms for failing to register with the commission. Since Gensler’s departure in January, the SEC has rescinded controversial guidance on cryptocurrency accounting, halted enforcement actions against major crypto industry players, and created a cryptocurrency working group to lead ongoing roundtables. Atkins has previously said that developing a clear regulatory framework for digital assets will be a top priority of his work at the SEC. The regulator’s actions in the field of cryptocurrencies already differ significantly from the approach practiced in previous years. The Cryptocurrency Working Group has already held two roundtables, the last of which was devoted to crypto trading. The SEC’s change of position has been a turning point for the US cryptocurrency market. The new approach, focused on cooperation and creation of clear rules, can attract more institutional investors and stimulate the development of innovations in this area.

Source: Coinpaper