New SEC Chair Atkins Criticizes Previous Administration's Crypto Uncertainty

Paul Atkins, the newly appointed Chairman of the U.S. Securities and Exchange Commission (SEC), has criticized the agency's previous administration for creating "uncertainty" in the market. Atkins made these remarks during his first public appearance as SEC chair at the regulatory watchdog’s crypto roundtable in Washington DC. He highlighted that the SEC's approach over the past four years has significantly hindered innovation due to market and regulatory uncertainty.

Atkins expressed his commitment to working with the U.S. Congress and President Donald Trump’s administration to bring regulatory clarity to the crypto industry. He emphasized the importance of a "rational fit for purpose framework" in regulations to promote the digital assets sector and mitigate risks. Atkins replaced Gary Gensler, whose leadership saw the SEC adopt a more aggressive stance against crypto companies, filing lawsuits against major exchanges like Coinbase and Binance.

Under the interim chair Mark Uyeda, the SEC took a different approach, ending several investigations and withdrawing most of its cases. Notably, the agency also resolved its legal dispute with Ripple, a significant case that was filed in December 2020. The "Know Your Custodian: Key Considerations for Crypto Custody" roundtable, the third of five planned by the SEC crypto taskforce, aims to gather insights to help develop clear crypto asset regulations.

Atkins, who previously served as an SEC commissioner from 2002 to 2008, was appointed by former U.S. President George W. Bush. He now serves as the 34th Chairman of the SEC, having been tapped by President Trump. In his statement, Atkins expressed his dedication to advancing the SEC's mission to facilitate capital formation, maintain fair and efficient markets, and protect investors. He aims to ensure that the U.S. remains the best and most secure place for investment and business.