SEC Chair Paul Atkins Doubles Down on Crypto Crackdown—Wall Street Grumbles Into Its Champagne
In a move that sent shockwaves through DeFi circles, newly appointed SEC Chair Paul Atkins confirmed cryptocurrency regulation remains his ’north star’—just as Bitcoin miners were starting to relax.
The announcement came during a closed-door meeting with banking lobbyists (who reportedly chuckled into their cufflinks). Atkins, a known hawk on digital assets, pledged to ’bring clarity’ to the space—regulatory speak for ’prepare your spreadsheets for impact.’
Crypto exchanges are bracing for tougher KYC rules, while decentralized protocols face existential questions. ’We welcome sensible oversight,’ lied a Chainalysis spokesperson through gritted teeth.
Meanwhile in Manhattan, hedge funds quietly shifted 17% of their ’blockchain innovation’ budgets back to cocaine and yacht parties—the original Web2.0.
SEC Chair plans to establish a proper regulatory framework for crypto
At the 4th Crypto Task Force roundtable event, SEC Chair Paul Atkins disclosed how he plans to implement proper digital asset regulations in the US. He emphasized that his tenure as Chair will prioritize developing a rational regulatory framework for crypto.
"The Commission must keep pace with innovation and consider whether regulatory changes are needed to accommodate on-chain securities and other crypto assets," said Atkins.
He claimed traditional securities laws are incompatible with on-chain assets and could "stifle the growth of blockchain technology." Policymaking in the Commission will shift from "ad hoc enforcement actions" toward a different focus, like establishing proper standards for market participants, Atkins noted.
Atkins identified three key areas for crypto policy that his administration will focus on, including issuance, custody and trading. He added that the Commission will establish clear guidelines for issuing and distributing cryptocurrencies that fall under securities. The agency will also ensure that it provides proper opportunities for market participants to custody their crypto.
"It is important to provide clarity on the types of custodians that qualify as a ’qualified custodian’ under the Advisers Act and Investment Company Act," he stated.
Additionally, Atkins added that market participants shouldn’t be compelled to seek innovation with blockchain outside of the US. He stated that his administration WOULD work to consider an "exemptive relief" for entities that seek to bring new products that do not fully align with the Commission’s current rules and regulations.
Atkins was sworn into office as SEC Chair on April 21, taking over from previous Chair Gary Gensler, whose administration was fondly tagged as anti-crypto.
Since his Senate confirmation, Atkins has emphasized support for digital assets and his plan to make the US the hub for crypto innovation.
"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," Atkins stated.
