The U.S. Securities and Exchange Commission (SEC) is shifting its enforcement priorities under the leadership of chair Paul Atkins, who emphasized in an interview with the Financial Times, published on Sept. 14, that the regulator should concentrate on clear cases of fraud rather than penalizing firms for technical breaches.

Atkins drew a sharp contrast with his predecessor, Gary Gensler, who was known for issuing steep penalties and expanding rules across Wall Street. “I think a lot of people rightly criticised the SEC, especially in more recent years, it was not grounded in precedent [or] predictability. It would shoot first and then ask questions later.” He explained that his goal is to rebuild trust in the agency’s procedures:

What I am trying to address is a market perception that  … there was a lack of due process, a lack of notice, a lack of rule of law.

Referencing an early career lesson to explain his approach, the SEC Chair stated that those who deceive investors and commit fraud, like disgraced financier Bernie Madoff, will face severe consequences, including losing all assets. However, he stressed that enforcement should not be excessive, noting: “You can’t just suddenly come and bash down their door and say ‘uh-uh we caught you, you’re doing something and it’s a technical violation’.”

Rejecting fines that scaled with company revenues, Atkins argued for a model that allowed time for compliance before sanctions were imposed.

The SEC’s direction on cryptocurrency also illustrates this shift. Atkins is advocating for rules that enable tokenized securities and blockchain-based trading, while keeping activity within U.S. borders. “We want people not to be doing this offshore,” he stated, referencing the collapse of FTX as a warning about overseas risks. He pointed to the exchange’s U.S. derivatives arm as proof of the benefits of oversight:

It’s a really powerful example of how a good regulatory scheme can help to protect investors while something else offshore is not going to be adequate.

Still, he cautioned companies already trading tokenized U.S. stocks: “The securities laws do apply if they’re trading securities.” Atkins believes most crypto tokens are not securities.

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