- Paul Atkins promises a new approach at the SEC, moving away from strict enforcement.
- “Project Crypto” initiative aims to modernise regulations governing digital assets, platforms, and secure storage solutions.
The leading financial regulator in the United States is reaffirming its commitment to position the nation as a global hub for cryptocurrency innovation.
Speaking at the inaugural roundtable on worldwide financial markets hosted by the OECD in Paris, SEC Chairman Paul Atkins announced that cryptocurrency has reached a pivotal moment, signaling a shift away from the SEC’s previously adversarial stance.
The Organisation for Economic Co-operation and Development (OECD) serves as an international platform for member countries to share expertise on economic policy.
“For too long, the SEC has utilized its investigative powers, subpoenas, and enforcement actions in a way that stifled the development of the crypto industry,” Atkins stated.
This announcement represents a significant departure from the enforcement-focused strategy that drew criticism from the industry under former SEC Chair Gary Gensler.
Prior to Atkins’ appointment, the SEC had largely scaled back its intense crypto crackdown, which aimed to subject the industry to the same rigorous securities regulations applicable to stock and bond issuers and brokers.
The agency withdrew or delayed several enforcement actions against prominent crypto businesses, including Ripple, Coinbase, Binance, and Consensys.
Atkins, an experienced Washington D.C. attorney who previously represented the crypto industry as a lobbyist, is taking further steps to foster growth.
He has indicated that the SEC will create “clear and predictable guidelines” to enable innovators to prosper within the U.S.
Project Crypto
Atkins’ strategy hinges on “Project Crypto,” a comprehensive reform of existing securities regulations.
He initially presented this initiative earlier this year with the intention of accelerating the integration of conventional financial markets with blockchain technology.
As described by the agency, the initiative will define which crypto tokens are not considered securities, establish a comprehensive regulatory framework for trading, lending, and staking platforms.
Moreover, custody rules will be amended to give investors and brokers diverse options.
“Our objective is straightforward,” Atkins asserted. “To stimulate a new era of financial innovation within the United States.”
Reducing Regulatory Burdens
These comments reflect the Trump administration’s positive stance on cryptocurrency.
Having embraced cryptocurrency during his campaign, President Trump has, since his inauguration, issued executive orders, signed stablecoin legislation into law, and appointed individuals like Atkins, who are enthusiastic about cryptocurrency, to vital government positions.
Atkins also acknowledged the progress Europe has made with MiCA, the European Union’s extensive framework for regulating cryptocurrency, and advocated for closer transatlantic collaboration.
However, he stressed the United States’ ambition to take the lead.
“President Trump has described America as a nation of builders,” Atkins noted.
“During my tenure as Chairman, the SEC will encourage these builders, rather than burdening them with excessive regulation.”
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.