New SEC Chairman Spoke at Cryptocurrency Meeting: What Did He Say? - Coin Bulletin

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The new chairman of the SEC, Paul Atkins, announced that they will adopt a more constructive approach to crypto regulations.

Paul Atkins, who was appointed to head the SEC by President Donald Trump, announced during the SEC's fourth cryptocurrency working group meeting held on Monday that the agency would take a completely different approach to regulating crypto assets compared to previous administrations. Atkins stated, "A new era is beginning at the SEC. Policies will now be shaped not by random sanctions, but by our regulatory tools that will set appropriate standards for market participants,".

Atkins, who is known for his affinity for cryptocurrencies, has frequently mentioned the advantages of digital assets in the past and stated that he will work with the US Congress to improve the legal framework. Atkins' approach differs greatly from his predecessor Gary Gensler's hardline stance towards the crypto industry. Gensler has often described the crypto markets as **"prone to fraud and manipulation" and has sued several major crypto companies during his tenure.

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Atkins stated that despite the previous administration telling companies "Let's come to the SEC and talk", in practice, these discussions were ineffective and insincere. He criticized that **"The SEC did not update the registration forms in accordance with new technologies and exhibited an approach of 'burying its head in the sand.'"

The new president also stated that rules regarding the custody of crypto assets could be reviewed. Atkins emphasized that regulations could be put on the table that would allow funds and investment advisors to self-custody under certain conditions. He also mentioned that innovations could be made within the framework of special purpose broker-dealers.

Chia Network CEO Gene Hoffman emphasized that the new SEC administration is more constructive and open-minded in the crypto space, stating, "This SEC is focusing not only on the risks but also on the opportunities that decentralized blockchains create for investors."