U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins addressed the Crypto Task Force Roundtable on Decentralized Finance (DeFi) in Washington D.C. on June 9, emphasizing the importance of self-custody rights and regulatory clarity for the DeFi sector.

Atkins underscored that self-custody of crypto assets is a fundamental American value, rooted in private property rights. He argued that individuals should retain control over their digital assets without reliance on intermediaries, particularly where such intermediation imposes unnecessary costs. “The right to have self-custody of one’s private property is a foundational American value that should not disappear when one logs onto the internet,” the SEC chief stated, adding:

I am in favor of affording greater flexibility to market participants to self-custody crypto assets, especially where intermediation imposes unnecessary transaction costs or restricts the ability to engage in staking and other on-chain activities.

The SEC chairman also noted that prior regulatory actions from the U.S. government had created uncertainty for those developing and using decentralized technologies. He criticized previous administration efforts that suggested developers of self-custodial wallets and on-chain technologies could be subject to federal securities laws. This view had stifled innovation in the space, particularly for developers creating software that empowers individuals to maintain control over their crypto assets.

Atkins rejected the application of outdated regulatory frameworks to new technologies, stating: “I do not believe that we should allow century-old regulatory frameworks to stifle innovation with technologies that could upend and most importantly improve and advance our current, traditional intermediated model. We should not automatically fear the future.”

Looking ahead, the SEC chairman highlighted the need for updated regulatory frameworks that accommodate the decentralized nature of these technologies. He called for greater flexibility in existing laws to allow for the development and growth of on-chain systems while ensuring compliance. He proposed the creation of an “innovation exemption” to expedite the entry of new DeFi products and services to the market, noting:

I have directed the staff to consider a conditional exemptive relief framework or ‘innovation exemption’ that would expeditiously allow registrants and non-registrants to bring on-chain products and services to market.

Atkins’ remarks underscore the importance of adapting regulations to encourage innovation while protecting market participants and consumers in the rapidly evolving DeFi space.

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