U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins, addressing the SEC Speaks conference on May 19, delivered a sweeping critique of the agency’s past approach to crypto and digital asset markets and laid out a new direction focused on transparency, engagement, and regulatory modernization. Atkins stated that the SEC had failed to keep pace with innovation and too often responded with enforcement rather than guidance. He recounted how crypto market participants were invited to meetings only to later receive subpoenas, describing this as a deterrent to open dialogue and progress.

Atkins announced that the SEC is shifting gears, stating:

It is a new day at the SEC. While I have directed Commission staff across our policy Divisions to begin drafting rule proposals related to crypto, the staff continue to ‘clear the brush’ through staff-level statements.

These interim statements, he said, are intended to help fill the regulatory gap while formal rules are developed. Although such staff communications are not binding, Atkins explained their importance: “While the views of the staff are not rules or regulations of the Commission, they can provide useful insights for the public. Ultimately, the Commission is, of course, responsible and must itself squarely address these issues to ensure that the public has clear rules of the road.”

Looking toward structural reforms, Atkins proposed a significant operational shift that would allow registered entities to manage both securities and non-securities within a unified regulatory framework. The SEC chair explained:

I would like the Commission to allow SEC registrants to custody and trade both securities and non-securities under one roof. Enabling this reality could reduce costs for investors while allowing non-security trading to enter a regulated environment at the federal level expeditiously.

“This would be an initial step towards the possibility of eventually achieving a ‘super-app’ reality,” he added, thanking Commissioner Hester Peirce, the Crypto Task Force, and Trading and Markets staff for their continued efforts. Atkins’s remarks reflect a marked departure from prior SEC leadership, which many in the crypto industry viewed as adversarial and opaque. His speech signals a new openness to dialogue and a recognition that existing frameworks must evolve to accommodate rapidly advancing technology.

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