The new chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, delivered the most significant speech since taking office at the "SEC Speaks" conference on May 19, clearly declaring that the cryptocurrency industry is entering a "new era." He stated that the regulatory ambiguity of the SEC over the past few years has severely hindered innovation and development in the crypto market, and its "enforcement-first" high-pressure policy has left market participants confused. Under new leadership, the SEC will return to its core mission—"promoting rather than stifling innovation"—and will pave the way for the issuance, custody, and trading of crypto assets by establishing a clear regulatory framework. This statement not only marks a significant shift in U.S. crypto regulatory policy but also injects new confidence into the global crypto industry.

From "Enforcement-First" to "Rules-First"

Atkins openly criticized the regulatory strategy during the tenure of former chairman Gary Gensler. He pointed out that the SEC's previous "shoot-first-and-ask-questions-later" enforcement model has led to significant uncertainty for the crypto industry in the U.S. Many projects have been forced to relocate overseas due to a lack of clear compliance pathways, stifling innovation momentum. Atkins emphasized that the SEC will no longer rely on "temporary enforcement" to formulate policies but will set "tailored" standards for market participants through "rule-making, interpretive guidance, and exemptions."

Specifically, Atkins proposed three major regulatory pillars: token issuance, asset custody, and trading infrastructure. Regarding token issuance, he suggested that the SEC explore a simplified registration form designed specifically for crypto assets, such as adjusting the existing S-1 form to remove disclosure requirements unrelated to crypto assets (like executive compensation) and instead focus on key information such as smart contract audits, token economics, and decentralized governance models. Additionally, he reiterated the "safe harbor" proposal put forth by SEC Commissioner Hester Peirce in 2021, which aims to provide a three-year exemption for blockchain projects to achieve decentralization while meeting basic transparency requirements.

On asset custody, Atkins clearly stated that the controversial SAB 121 accounting rule, which has been criticized for "hindering responsible custody solutions," will be abolished. He also proposed expanding the definition of "qualified custodians" to include crypto-native custodial institutions, licensed exchanges, and even decentralized protocols, while supporting self-custody for investment advisors and funds under specific conditions to accommodate industry practices involving cold wallets and non-custodial structures.

For trading infrastructure, Atkins advocated for relaxing restrictions on crypto exchanges, allowing them to trade both securities and non-securities assets (such as Bitcoin and Ethereum) on a single platform, and reforming the alternative trading system (ATS) framework to reduce the legal risks faced by platforms labeled as "unregistered securities exchanges." He specifically mentioned that the SEC will explore providing conditional exemptions for innovative projects to prevent companies from being forced to go overseas due to regulatory barriers.

Responding to Market Expectations, Boosting Industry Confidence

Atkins' speech quickly sparked enthusiastic reactions from the crypto industry. Cointelegraph reported that Atkins' statements are seen as a "watershed moment for U.S. crypto regulation," ending Gensler's "siege-style" regulation of the industry. Discussions on platform X were equally lively, with @Cointelegraph posting, "SEC Chairman Paul Atkins calls this a new day for the agency, ending the enforcement-first strategy and committing to tailored crypto rules." Industry insiders generally believe that Atkins' pro-market stance will create a more stable environment for crypto startups, investors, and institutional players, helping the U.S. regain its leading position in global crypto innovation.

Notably, Atkins' regulatory vision aligns closely with the policies of the Trump administration. Trump had promised during his campaign to make the U.S. the "global crypto capital" and signed an executive order in January to promote the development of public blockchain networks. Atkins explicitly stated in his speech that he would work closely with the Trump administration and Congress to ensure that the regulatory framework supports this goal.

Challenges Remain, Future is Promising

Although Atkins' reform blueprint is exciting, industry observers remind that regulatory transformation is not instantaneous. The crypto industry still faces complex compliance requirements, especially in terms of anti-fraud and investor protection. Atkins emphasized in his speech that the SEC will continue to combat illegal activities to ensure market fairness and transparency. Additionally, his personal background—holding crypto assets valued between $1 million and $6 million and having provided consulting services to several crypto companies—has raised concerns among some Democratic lawmakers. Senator Elizabeth Warren previously criticized his financial ties to the crypto industry, suggesting potential conflicts of interest, although Atkins has pledged to divest related assets to ensure impartiality.

Market optimism regarding Atkins has already been reflected in prices. Bitcoin recently reached historical highs, partly attributed to investor confidence in regulatory easing. Furthermore, Bloomberg ETF analyst Eric Balchunas noted that there are currently 72 crypto-related ETFs (including assets like XRP, Litecoin, and Solana) awaiting SEC approval, and Atkins' leadership could accelerate the launch of these products, injecting billions of dollars in new capital into the market.

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