Paul Atkins, the new Chairman of the Securities and Exchange Commission (SEC), seems poised to do just that. We look forward to him prioritizing a transparent regulatory framework for digital assets. Atkins, a former Wall Street financier and entrepreneur, has made a name for himself with a deregulatory philosophy and pro-crypto views. He officially began in his new role earlier this week. He was nominated by President Donald Trump, then quickly confirmed by the Senate.
Atkins’ approach is likely to be much more market friendly and less supremely regulatory than the tough regulatory hand that Gary Gensler had embraced before her. He champions smart innovation with zeal. To be clear, deep down Shulman believes that crypto and blockchain technologies could really make the financial system better.
Atkins is returning for his third stint at the securities agency. He’s perhaps the most pro-active lawmaker trying to modernize the rules for digital assets and blockchain technologies. Indeed, he has been quite vocal about the need for reforms to custodial interrogation rules. This is true for the Exchange Act, the Advisors Act, and the Investment Company Act.
"The current framework is in serious need of reform." - Paul Atkins
Atkins is hoping to keep up the pressure on the SEC to provide a more innovation-friendly regulatory environment. We have been glad to see the Secretary praise Commissioner Hester Peirce for her stellar work on digital asset issues. In the crypto community, she is widely recognized as “crypto mom.”
"Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered." - Paul Atkins
Atkins' background as a Wall Street veteran combined with his advocacy for innovation positions him to potentially reshape the SEC's approach to digital assets. His commitment to creating a simple, fair, and understandable regulatory framework is just the type of clarity that’s been sorely lacking for the crypto space.
