SEC Chair Paul Atkins Slams Gensler Regime for 'Stifling' Crypto Innovation - Decrypt

In brief

• Newly appointed SEC Chair Paul Atkins made his first public comments as head of the Commission earlier today.
• Atkins was attending the SEC's third crypto roundtable, joined by the heads of various crypto custody businesses.
• Atkins again made it clear he plans to be no Gensler, slamming the prior chair's regime for its posture on crypto.

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Newly sworn-in SEC Chair Paul Atkins gave his first full address Friday, praising the Commission’s recent pro-crypto work in his absence, and condemning the agency’s previous moves against the industry under previous Chair Gary Gensler and the Joe Biden administration. 

“Market participants engaging with this technology deserve clear regulatory rules of the road,” Atkins said of crypto, from the agency’s Washington headquarters. “Innovation has unfortunately been stifled for the last several years due to market and regulatory uncertainty that, unfortunately, the SEC has fostered.”

The comments came ahead of the SEC’s third dedicated crypto roundtable, which today focused on crypto custody—that is, the business of securing and storing crypto assets on behalf of clients. During his brief address, Atkins also praised the work of fellow Republican commissioner, Hester Peirce, who has led the agency’s new crypto task force since January. 

“My warmest personal thanks go to Commissioner Peirce for her principled and tireless advocacy for common sense crypto policy within the United States,” he said. “It’s no wonder that she has justly earned the title of ‘Crypto Mom.’”

Over the last 90-odd days, under Peirce’s leadership, the SEC has overhauled its once-contentious approach to the crypto industry, dropping the majority of its high-profile, crypto-focused lawsuits and investigations. The regulator has also issued statements exempting multiple categories of crypto assets from securities regulation. 

Now Atkins, a former SEC commissioner under President George W. Bush, is back in the building after a months-long confirmation process. He’s given every indication that pushing pro-crypto policies will be a top priority of his chairmanship, having said as much during his confirmation hearing, at the White House earlier this week during his swearing-in ceremony, and now today, during his first official address in office. 

“I look forward to engaging with market participants, and working with colleagues, President Trump’s administration, and Congress to establish a rational, fit for purpose framework for crypto assets,” Atkins said today. 

“I expect huge benefits from this market innovation in terms of efficiency, cost reduction, transparency, and risk mitigation,” he added. 

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