Source: Cointelegraph
Original: “Paul Atkins: The Crypto Market Has Been Struggling in SEC's Limbo”

In one of his first speeches after becoming the chairman of the U.S. Securities and Exchange Commission (SEC) in April, Paul Atkins addressed some regulatory concerns surrounding the cryptocurrency industry.

In a prepared speech on May 19, Atkins stated that under the current leadership of the SEC, the crypto industry has entered a "new day." He hinted that the financial regulatory agency would be more open to "adapting and embracing new developments" while still adhering to its regulations.

Atkins said, "The crypto market has been struggling in the SEC's limbo for years." He added:

"While I have instructed the commission's policy staff to begin drafting crypto-related rule proposals, the staff is still 'clearing the weeds' through staff-level statements."

Even before Atkins took over as chairman of the SEC, the commission's actions under Trump indicated a significant departure from the direction of former chairman Gary Gensler. By 2025, the SEC had rescinded several investigations and enforcement actions against crypto companies and issued guidance on memecoins and security tokens.

Atkins stated, "As I begin my tenure as chairman, I can tell you that we are returning to the roots of promoting rather than stifling innovation. The market is innovating, and the SEC should not be in the business of telling them to stand still."

At the time of Atkins' remarks, U.S. lawmakers were considering drafting legislation to establish a regulatory framework for the crypto market. The bill is advancing in the House of Representatives and may clarify the roles of the SEC and the Commodity Futures Trading Commission (CFTC) in overseeing and regulating digital assets.

Before the legislation passes Congress and is signed into law, the SEC's rules and guidelines on crypto may face opposition from affected parties.

The SEC chairman has delivered opening remarks and hosted the commission's roundtable event to discuss regulatory issues surrounding digital assets and blockchain. The next event is scheduled for June 9 and will cover decentralized finance (DeFi).

Related: Report: The U.S. Department of Justice is investigating the Coinbase data breach incident.

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