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Chainlink CEO Sergey Nazarov met with U.S. Securities and Exchange Commission Chairman Paul Atkins, who Nazarov said was keenly interested in how best to bring on-chain assets into compliance with securities laws.

The chief executive of Chainlink, a network specializing in authenticating real-world data for smart contracts, said he was impressed with how much the agency has shifted away from whether the U.S. should permit blockchain tokenization innovations into the financial system and instead is looking at how this can be conducted with maximum efficiency and market safety.

“While cryptocurrencies define the majority of our industry’s value today, I personally feel very strongly that the real-world asset trend and digital-asset tokenization in the institutional world will grow to be the majority of the market cap in our industry,” Nazarov told CoinDesk in an interview after his Friday meeting. He said Atkins “has very clear ideas and goals with getting the traditional financial system operating correctly on-chain.”

Nazarov, who also met with the White House’s new crypto liaison, Patrick Witt, on Friday, said he’s very hopeful “based on the urgency and speed” the SEC and the White House are demonstrating. He said he thinks blockchain infrastructure will manage to find a place within broker-dealer and transfer agent rules, allowing full-in tokenization “maybe by the middle of next year.”

The Chainlink co-founder said one central task is getting blockchains to fully meet the standards for a “legally binding transfer” of assets. “That’s a class of problems that’s now getting worked through with us,” he said, adding that Atkins understands it well and noted the chairman’s recent address in which he announced his “Project Crypto” initiative.

An SEC spokesman declined to comment on the meeting, though the agency has been building momentum with crypto-friendly statements, remarks and policy maneuvers. Just last week, the securities regulator issued a joint statement with the Commodity Futures Trading Commission to tell registered platforms that they’re OK to pursue spot trading of certain crypto assets, issued a near-term agenda that is crowded with crypto initiatives and got together with the CFTC on Friday to tell reporters that the two markets regulators will now be working in lockstep to pave the way for crypto.

Under Atkins’ predecessor, Gary Gensler, the agency had resisted embarking on tailored digital assets regulation. Atkins says the existing securities laws and agency powers offer ample authority to start work on friendly policies to clarify how the government approaches crypto.

Meanwhile, the Senate is working on a crypto market structure bill that would establish new laws for crypto and for its regulators. That effort saw some progress on Friday as a new, lengthier version of the Senate Banking Committee’s earlier bill began circulating.

Chainlink’s network was also among the digital assets venues chosen by the U.S. Department of Commerce last week when, for the first time, the federal government issued major economic data — the gross domestic product report — via blockchain. That’s set to be an ongoing trend for Commerce and other agencies, according to the officials behind the release.

“Our industry has a very unique kind of moment in time right now, that if it uses it well it can solidify its position in the U.S. and therefore the global economy,” Nazarov said.

Read More: SEC, CFTC Chiefs Say Crypto Turf Wars Over as Agencies Move Ahead on Joint Work

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In one of his first speeches since becoming chair of the US Securities and Exchange Commission (SEC) in April, Paul Atkins addressed some of the regulatory concerns around the cryptocurrency industry.

In prepared remarks for a May 19 speech, Atkins said it was a “new day” for the crypto industry under the current leadership of the SEC. He suggested that the financial regulator would be more open to “adapt to and accommodate new developments” while still abiding by its statutes.

“The crypto markets have been languishing in SEC limbo for years,” said Atkins, adding:

“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.”

Even before Atkins stepped into the role of SEC chair, the commission’s actions under Donald Trump suggested that it would radically depart from the direction of former chair Gary Gensler. In 2025, the SEC has dropped several investigations and enforcement actions against crypto companies and issued guidance on memecoins and security tokens.

Related: CFTC commissioner to leave agency on May 31

“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation,” said Atkins. “The markets innovate, and the SEC should not be in the business of telling them to stand still.”

Looking to Congress for market structure

Atkins’ remarks came as US lawmakers considered draft legislation to establish a regulatory structure for crypto markets. The proposed bill, moving through the House of Representatives, could clarify the roles the SEC and Commodity Futures Trading Commission (CFTC) have in overseeing and regulating digital assets.

Until the legislation passes Congress and is signed into law, the SEC’s rules and guidelines over crypto could face pushback from affected parties.

The SEC chair has given opening remarks and overseen the commission’s roundtable events, discussing regulatory issues surrounding digital assets and blockchain. The next event, scheduled for June 9, will cover decentralized finance.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered 

Securities and Exchange Commission Chairman Paul Atkins called for a sweeping modernization of US crypto asset policy, outlining a three-part strategy to overhaul regulations for issuance, custody, and trading.

He made the statement during his keynote address at the SEC Crypto Task Force’s latest roundtable on May 12, which covered tokenization and its potential to upgrade capital markets.

Atkins likened the shift to blockchain-based securities to the music industry’s digital transformation, arguing that “on-chain” assets could revolutionize capital markets just as MP3s reshaped audio distribution.

The SEC’s top priority under Atkins will be crafting a “rational regulatory framework” tailored to digital asset markets, breaking away from years of unpredictable enforcement that discouraged innovation.

He promised that policymaking would now occur through formal channels rather than ad-hoc actions, reaffirming his recent statements.

According to Atkins:

“It is a new day at the SEC.”

Three-pronged reform plan

Atkins laid out an ambitious reform agenda focused on enabling compliant crypto asset issuance, expanding legal custody options, and modernizing trading frameworks.

He noted that only a handful of projects have successfully registered offerings through traditional SEC pathways, pointing to outdated disclosure forms and legal uncertainty as major barriers.

To address this, the regulator will consider exemptions, safe harbors, and disclosure guidance more suitable for digital-native assets. He emphasized that interim staff guidance remains temporary, and full Commission rulemaking is needed to establish enduring standards.

On custody, Atkins endorsed the rollback of Staff Accounting Bulletin No. 121, which had imposed restrictive treatment of crypto holdings. He called for broader clarity on what qualifies as a “qualified custodian” and said custody rules should evolve to reflect self-custody solutions and emerging best practices in the industry.

For trading, Atkins voiced support for allowing broker-dealers to offer integrated services, including crypto and non-crypto assets, under unified platforms. He also raised the possibility of conditional exemptive relief to allow novel products that may not yet fit within existing rules.

Cementing US leadership

Echoing President Donald Trump’s call to make America the “crypto capital of the planet,” Atkins warned that if the SEC fails to adapt, innovation will migrate offshore.

He praised Commissioners Mark Uyeda and Hester Peirce for co-leading the newly formed Crypto Task Force, which aims to break down internal siloes and fast-track guidance across the agency.

Throughout the address, Atkins highlighted the need for rules that protect investors while supporting innovation. He emphasized that fraud enforcement remains a priority, but the SEC’s approach will return to its “original intent” to police violations of established obligations rather than making policy through enforcement.

The SEC is expected to proceed with additional rulemaking, staff guidance, and interagency coordination in the coming months as it seeks to establish the US as a leader in tokenized financial infrastructure.

Mentioned in this article

Newly sworn-in SEC Chairman Paul Atkins called for a comprehensive overhaul of the agency’s regulatory framework for crypto, warning that outdated rules and enforcement-heavy policies have stifled innovation for years.

Speaking at the SEC’s third crypto task force roundtable in Washington, D.C., Atkins said the current regulatory environment “badly needs attention,” pointing to the urgent need for a “rational, fit-for-purpose framework” that can foster responsible innovation while safeguarding investors.

Atkins said in his opening remarks:

“Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered.”

Atkins, who officially assumed office earlier this week after being nominated by President Donald Trump and confirmed by the Senate, used his first major public appearance to deliver a sharp critique of the SEC’s previous leadership under former Chair Gary Gensler.

Under Gensler, the agency pursued an aggressive “regulation by enforcement” approach, filing lawsuits against major crypto firms including Coinbase and Binance.

Turning the page

During Gensler’s leadership, the SEC launched high-profile lawsuits against digital asset firms, arguing many tokens qualified as unregistered securities. However, under interim chair Mark Uyeda, the agency began rolling back several enforcement actions.

Atkins said the SEC would continue gathering insights through a series of roundtables organized by its crypto task force to build a more coherent regulatory framework. The ongoing “Know Your Custodian” roundtable is the third of five planned sessions focused on shaping crypto custody guidelines and investor protections.

Returning to the SEC for his third term after previously serving as a commissioner from 2002 to 2008, Atkins positioned himself as a staunch advocate for innovation and market modernization.

A former Wall Street executive and entrepreneur, he is recognized for his deregulatory philosophy and pro-crypto stance, offering a stark contrast to the previous administration’s more confrontational approach toward the industry.

Atkins said that his top priorities as the agency’s 34th chairman include facilitating capital formation, maintaining fair and orderly markets, and protecting investors, while ensuring the US remains the best and most secure place for investment and entrepreneurship.

New mandate

Atkins pledged to collaborate with Congress, fellow commissioners, industry participants, and the Trump administration to draft clear and workable rules for the digital asset sector.

He stressed that entrepreneurs building blockchain solutions to modernize the financial system “deserve clear regulatory rules,” emphasizing that market ambiguity hinders economic growth and innovation.

The SEC’s crypto roundtables, spearheaded by Commissioner Hester Peirce, are intended to gather industry insights to inform future policymaking.

During the April 25 session, participants focused on crypto custody issues and whether existing rules under the Exchange Act, the Investment Advisers Act, or the Investment Company Act need to be revised to accommodate blockchain technology’s unique features.

Atkins praised Peirce for her “principled and tireless advocacy for common-sense crypto policy,” calling her “certainly the right person to lead the effort” to create a comprehensive regulatory framework for the industry.

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Paul Atkins has taken the oath to formally become chairman of the U.S. Securities and Exchange Commission, which returns Mark Uyeda to his previous role as a Republican Commissioner after three busy months of service as the agency’s stand-in chief.

Atkins permanently replaces the former chair, Gary Gensler, who the crypto industry had widely seen as its chief antagonist in the U.S. government. But Uyeda and fellow Commissioner Hester Peirce have already put the SEC on a path toward greater acceptance of digital assets, forming a crypto task force, shedding a long list of industry enforcement actions and gathering industry representatives at a series of crypto roundtables. The agency’s staff also released statements announcing various corners of crypto as outside its securities jurisdiction.

The new chairman said he’s honored by the “trust and confidence” Trump and the U.S. Senate placed in him and is pleased to start work with the other commissioners.

“Together we will work to ensure that the U.S. is the best and most secure place in the world to invest and do business,” he said in a statement.

Atkins, who was confirmed by the Senate as President Donald Trump’s nominee earlier this month, had previously served as an SEC commissioner and ran a Washington consulting firm focused on compliance and policy matters. In addition to his Wall Street ties, Atkins had also taken on advisory roles with crypto firms.

The Senate easily approved Atkins with a 52-44 vote, though the Senate Banking Committee had advanced his confirmation along party lines. All the panel’s Democrats opposed the nominee, including Senator Elizabeth Warren, who criticized Atkins’ previous tenure at the SEC from 2002 to 2008, tying it to the 2008 global financial crisis.

The SEC is facing a considerable crypto agenda, potentially made more complicated by Trump’s personal business interests in the industry, including in World Liberty Financial’s stablecoin and in memecoins (such as the president’s own $TRUMP). Its eventual crypto regulations, though, will largely be directed by future legislation that’s now a priority in Congress.

Atkins’ tenure will begin with an incomplete commission, with just four of its five members in place. And the sole Democrat — Caroline Crenshaw — is occupying an already expired term. The White House hasn’t yet moved to fill the two Democratic slots on the commission, and other regulators have seen Trump attempt to strip Democratic members of their positions.

Read More: Trump’s Pick to Run SEC Paul Atkins Promises New Crypto Stance, Gets Few Questions