New SEC Chairman Atkins Pledges Crypto-Friendly Policies

Paul Atkins has officially taken over as the 34th chairman of the US Securities and Exchange Commission (SEC), marking a significant shift in the agency's leadership. Atkins previously served as an SEC Commissioner from 2002 to 2008 during the George W. Bush administration, and his return to the SEC is seen as a strategic move to usher in a new era of crypto-friendly policies.

Atkins expressed his honor and commitment to the agency's mission, emphasizing his dedication to supporting capital formation, protecting investors, and maintaining fair and efficient markets. He also pledged to make the US a top destination for global investment, collaborating with other commissioners and SEC professionals to achieve this goal.

One of the most notable aspects of Atkins' appointment is his pro-crypto stance, which contrasts with his predecessor, Gary Gensler. During his Senate confirmation hearing, Atkins highlighted crypto regulation as a key priority, a position that has been welcomed by many in the blockchain space. This pro-crypto disposition is expected to build on the several crypto-forward moves made under acting Chair Mark Uyeda, who recently led efforts to form a crypto-specific task force, withdrew a series of enforcement cases involving blockchain firms, and ordered a fresh review of existing crypto policies.

Atkins' personal exposure to the crypto sector is also significant. He holds an estimated $6 million in crypto-related investments, including nearly $1 million in equity in two blockchain companies and $5 million in a crypto investment fund. This financial stake in the sector further underscores his commitment to fostering a more crypto-friendly regulatory environment.

Industry leaders view Atkins' appointment as a potential turning point for the emerging crypto industry. Pierre Rochard, CEO of the Bitcoin Bond Company, believes that Atkins' pro-market approach could support the approval of Bitcoin-backed securities, which would benefit the US capital market. Similarly, Nate Geraci, President of the ETF Store, anticipates that the SEC may begin making progress on long-stalled crypto ETF rule change applications under Atkins' leadership. Geraci pointed to potential decisions on in-kind creations, redemptions, and Ethereum staking structures as early indicators of policy direction under Atkins' leadership.