In a conversation with the Financial Times on September 15, SEC Chair Paul Atkins shared plans to move away from the past strategy of launching enforcement actions without warning.

Atkins explained that companies working with digital assets will be given an initial heads-up if the agency identifies technical rule breaches.

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Instead of surprising firms with legal action, Atkins said the commission will issue a preliminary notice before taking any steps. He told the FT:

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.

He also criticized past SEC actions that lacked consistency and clear legal backing. Atkins noted that many felt the agency’s earlier decisions were unpredictable and not based on past rulings.

Describing the former approach as one where the SEC “would shoot first and then ask questions later”, he said that a more thoughtful process is being introduced. Under the new method, firms may have several months to address concerns before any official action is taken.

Additionally, Atkins pushed back against the idea that most crypto tokens should be considered securities. He stated that many do not fall under the same rules as traditional financial instruments.

Recently, Atkins introduced a proposal that would allow companies offering crypto services to operate under a single regulatory system. What does it include? Read the full story.

Speaking at a policy roundtable hosted by the OECD in Paris, he emphasized a new approach that focuses on creating clear and consistent rules.

Atkins introduced a proposal that would allow companies offering crypto services, such as trading, lending, and staking, to operate under a single regulatory system.

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These platforms, described as “super-apps“, would be able to provide various services within a single framework while offering options for how users store their digital assets.

The proposed changes fall under the SEC’s Project Crypto, a program designed to modernize financial rules for digital markets. According to Atkins, the groundwork has already been laid by the President’s Working Group on Digital Asset Markets.

He noted that this new direction would avoid burdening businesses with overlapping or unnecessary rules.

He added that the SEC’s job is not to create hurdles but to offer guidance that makes it easier for honest businesses to grow. Atkins stressed that only the amount of regulation needed to protect users should be applied.

Furthermore, Atkins acknowledged the European Union’s approach as a possible model. He stated that the MiCA framework provides a comprehensive set of rules for digital assets.

To close his remarks, Atkins called for more international cooperation. He noted that working together can help countries build markets that are safer, more accessible, and more open to innovation.

At the recent Wyoming Blockchain Symposium in Jackson Hole, Atkins shared his thoughts on how the agency plans to approach cryptocurrencies. What did he say? Read the full story.

The decision followed findings that Fuller ran his investment company as a fraudulent crypto operation, according to a press release from the Justice Department’s Office of Public Affairs.

The US Department of Justice (DOJ) revealed that Fuller misled the court by hiding assets, altering financial documents, and admitting that his firm, Privvy Investments LLC, operated as a Ponzi scheme.

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His bankruptcy petition, filed in October 2024 after legal action from investors, did not hold up under further investigation.

After authorities reviewed the case, they discovered that Fuller had given false information in his personal and business filings. He also failed to disclose the full extent of his finances, which led to additional legal consequences, including being found in contempt of court.

He later admitted the company’s structure relied on using new investor money to pay earlier participants.

Because Fuller did not respond to the case brought by the US Trustee, the court issued a default judgment. That decision keeps him personally responsible for the debts and allows creditors to continue pursuing repayment, even though he filed for bankruptcy.

US Trustee Kevin Epstein stated that the outcome reflects an effort to protect the bankruptcy process from misuse. Epstein said:

Fraudsters seeking to whitewash their schemes will not find sanctuary in bankruptcy.

Recently, the DOJ took legal steps to claim over $12 million in Tether
USDT


$0.9985

According to a report by South China Morning Post, the suspects are believed to have placed several mining devices above ceiling panels at two different facilities during renovation work.

The case first revealed when one of the care homes began experiencing frequent internet disruptions. While investigating the issue, the home’s IT staff discovered unfamiliar hardware hidden above an office ceiling. A second center later found similar equipment.

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Both sets of devices appeared to be mining cryptocurrencies using power from the buildings.

The suspects were arrested on September 5 in Mong Kok and Sham Shui Po. The two individuals acted independently and are not affiliated with any group. The charges filed relate to the unauthorized use of electricity, a criminal offense under local law.

Inspector Ng Tsz-wing from the Sham Shui Po technology crime unit explained that the mining equipment had been installed during refurbishment. The unauthorized power usage added about HK$9,000 (roughly US$1,153) to the monthly bills.

Authorities are advising building operators and care institutions to monitor energy consumption and network activity. Ng recommended checking for unexplained changes in bills or digital services. He also urged organizations to supervise contractors and carry out physical inspections in less visible areas.

According to Hong Kong’s Theft Ordinance, using electricity without approval is treated as theft and can lead to up to five years in prison.

Recently, the District of Columbia accused Athena Bitcoin of collecting hidden fees and failing to protect users from fraud. How did the case unfold? Read the full story.