New U.S. SEC Leader Paul Atkins Asserts Agency Can Act Immediately on Crypto Regulations
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<img src="https://cdn.sanity.io/images/s3y3vcno/production/333db2ac6429c13170ebdacdfd4cae413b017a08-4922x2769.jpg?auto=format&w=1920&h=1080&crop=focalpoint&fit=clip" /><br>Paul Atkins’ first public event as chairman of the U.S. Securities and Exchange Commission was a crypto roundtable on Friday, where the new agency chief devoted his inaugural speech to assuring the industry that he'll continue to reshape securities policy to support digital asset innovation. The agency and industry have been anticipating congressional action to establish crypto market-structure oversight that will likely set guardrails. Atkins told the audience at the SEC's Washington headquarters that the regulator will work toward delivering "a rational, fit-for-purpose framework" for crypto.
However, in response to a question from a media outlet after his speech, Atkins indicated that the agency may be able to act to some degree during this wait for new laws. "It's always good to have Congress' input, and if there's a statute to back up what we're doing, I think that's all the better," Atkins said. "But we have ample room to maneuver under existing rules and laws."
Atkins further suggested that he believes the concept of special-purpose crypto broker dealers, a little-used registration most prominently represented by Prometheum, has been very successful and may need to be reconsidered. He mentioned that the agency will look at whether custody rules need to be changed to "accommodate crypto assets and blockchain technology."
Atkins had previously appeared at a swearing-in ceremony earlier this week in the White House, where President Trump remarked that "he's the perfect man to lead this agency" at a time when the digital assets sector needs regulatory clarity. Atkins stated that a "top priority of my chairmanship will be to provide a firm regulatory foundation for digital assets." Friday's event at the SEC's headquarters marked his first full-fledged engagement with the public.
The crypto sector has high hopes for Atkins, especially after his stand-in over the past few months — Commissioner Mark Uyeda — took decisive actions to reverse the regulator's earlier crypto reluctance under former Chair Gary Gensler. As interim chairman, Uyeda reversed or sidelined several crypto policy efforts pursued under Gensler and abandoned most of the regulator's prominent enforcement actions targeting the industry.
Until now, industry expectations for Atkins' leadership were based on conjecture rooted in his experience advising and investing in digital assets firms, particularly since his Senate confirmation hearing did not explore his crypto views. Atkins had served as an adviser to crypto entities such as the Digital Chamber and as a board member of tokenization firm Securitize. His ties to Off the Chain Capital had previously linked him to its investment stakes in large crypto companies.
Friday's roundtable was the third in a series the agency has held on crypto matters, this particular session focused on custody in the industry. Crypto custody has been a particularly contentious topic at the agency, which under Gensler had sought to implement a policy demanding investment advisers place their clients' digital assets only with certain qualified custodians. Gensler had argued that the rule was meant to exclude most existing crypto platforms as suitable custodians, but the effort was put on hold.
Atkins was asked by reporters on the event's sidelines about President Trump's own crypto interests and whether Trump's memecoin, $TRUMP, will undermine the credibility of the White House on industry policy. "I have no comment on any of that," Atkins said.
