SEC Chair Proclaims ‘New Era’ as U.S. Vies for ‘Crypto Capital of the World’ Crown
Wall Street’s top cop pivots from regulation-by-enforcement to a full-throated embrace of digital assets—just as institutional money floods the space. Funny how that timing works.
The Rebrand Nobody Saw Coming
After years of lawsuits and saber-rattling, the SEC now wants to roll out the red carpet for blockchain projects. Critics whisper this sudden warmth coincides with election fundraising cycles.
Crypto’s Regulatory Capture Play
Behind the scenes: lobbyists are rewriting rulebooks while VCs prep nine-figure ‘compliance innovation’ funds. The revolving door spins faster than a DeFi arbitrage bot.
The Punchline?
America might finally get coherent crypto rules—just in time for the next bull run to mint a fresh batch of ‘accidental’ billionaires. Pass the popcorn.
Issuance, Custody, and Trading
Atkins compared the migration from traditional to blockchain-based securities to the digital revolution in the music industry. He suggested it could transform securities markets through enhanced liquidity, automation, and novel applications.
There were three main focus areas at the roundtable: issuance, custody, and trading.
He acknowledged that few crypto assets have used registered offerings, and is committed to developing clearer guidelines and potentially new registration exemptions for token issuers.
The regulator also plans to provide more options for crypto custody, including revisiting “qualified custodian” requirements and potentially allowing self-custody solutions.
Thirdly, Atkins was supportive of broader trading options, including “super apps” that combine securities and non-securities trading, and modernizing Alternative Trading System regulations.
“In the past few years, the SEC first pursued what I call the ‘head-in-the-sand’ approach – perhaps hoping that crypto WOULD go away,” he said before adding:
“Then, it pivoted and pursued a shoot-first-and-ask-questions-later approach of regulation through enforcement.”
Square Peg in Round Hole
He referenced dated forms such as the S-1, which may not apply to crypto, adding, “We cannot encourage innovation by trying to fit a square peg into a round hole.”
Atkins, who took the helm of the SEC in April, concluded:
“I am eager to coordinate with colleagues in President Trump’s Administration and Congress to make the United States the best place in the world to participate in crypto asset markets.”
The final roundtable titled “DeFi and the American Spirit” is scheduled for June 9.
Earlier this month, the SEC and Ripple agreed on a $50 million settlement that ends the five-year legal battle that was instigated by the previous administration as one of its first moves in its war on crypto.
