SEC Chair Paul Atkins Criticizes Gensler’s Crypto Crackdown – Promises Clear Crypto Rules

New SEC Chair Paul Atkins has openly criticized the regulatory approach of his predecessor, Gary Gensler, calling it a disaster that stifled innovation and allowed fraud to proliferate. Atkins, in a Senate hearing on June 3, pledged to shift the SEC’s strategy from regulation-by-enforcement to providing clear, fair rules for the crypto industry. This move is seen as a potential catalyst for renewed growth in the U.S. crypto market.

The SEC under Gensler was notorious for its surprise lawsuits and aggressive enforcement actions, which created uncertainty and fear among crypto businesses. Atkins’ commitment to dropping old lawsuits and drafting new guidance signals a more collaborative and transparent regulatory environment. This shift could bolster confidence among investors and developers, paving the way for a crypto boom in America.