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.

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“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.

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Chairman Paul Atkins called for a comprehensive overhaul of the agency’s regulatory framework for crypto, warning that outdated rules and enforcement-heavy policies have stifled innovation for years.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