With drastic changes compared to his predecessor's approach, the newly appointed Chairman of the U.S. Securities and Exchange Commission (SEC) Paul Atkins emphasized the urgency of reforming the agency's outdated crypto regulations.
Speaking at the third cryptocurrency task force roundtable in Washington, D.C., Atkins criticized the current enforcement-focused strategy, arguing that it has hindered innovation in the digital asset field for a long time.
Instead, he called for building a progressive and practical regulatory framework that can encourage technological development, ensure investor protection, and signal that the SEC may shift to a more balanced and innovation-friendly policy.
Commenting on this issue, in his opening remarks, Atkins said:
"Innovation has been stifled in recent years due to market instability and regulations created by the SEC".
This indicates that from the early days in his new role, Atkins did not waste time signaling a change in attitude.
In his first appearance at the agency's roundtable on cryptocurrency, Atkins emphasized his intention to address long-standing uncertainties surrounding digital asset regulation and Distributed Ledger technology.
He stressed the importance of collaborating with other commissioners, staff, and industry voices to build a more flexible and transparent framework.
In fact, his vision of a "reasonable and purposeful" regulatory model marks a clear departure from the SEC's historically rigid stance, bringing hope for more practical oversight in the rapidly changing crypto landscape.
Chairman Atkins also took time to praise Commissioner Hester Peirce, affectionately known by the community as "crypto mom", for her consistent commitment to promoting reasonable cryptocurrency regulations.
Acknowledging her persistent efforts, he noted that Peirce is in a very suitable position to lead the development of a balanced legal framework appropriate for digital assets.
Atkins also expressed optimism about blockchain technology, suggesting that this technology has the potential to create profound transformations in many industries if developed under an appropriate policy environment.
"I expect significant benefits from this market innovation in terms of efficiency, cost reduction, transparency, and risk minimization".
Additionally, the new SEC Chairman did not hesitate to criticize the management legacy left by his predecessor Gary Gensler.
He publicly opposed the SEC's previous over-reliance on law enforcement measures, especially the series of lawsuits targeting large crypto companies like Coinbase and Binance, arguing that this approach could cause more harm than benefit.
Looking back at Mark Uyeda's interim leadership period - when the agency gradually reduced aggressive enforcement actions - Atkins hinted at a broader strategic shift.
He questioned whether the current "specialized brokerage" framework truly serves the market's developing needs or if it's time to build a more appropriately adjusted and highly collaborative model.
Atkins' statements thus clearly show a departure from the past - an orientation emphasizing open dialogue with the industry and building a legal framework capable of truly addressing the complexity of digital assets.
Disclaimer: The article is for informational purposes only, not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment choices.
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Minh Anh
