- SEC Chair Paul Atkins pledged to create clear, fit-for-purpose crypto rules.
- Hester Peirce said crypto firms face a "lava pit" of unclear regulation.
- The roundtable signals a softer SEC stance after years of aggressive enforcement.
There’s a new sheriff in town, and he’s getting straight to business.
New SEC Chair Paul Atkins pledged to bring clarity to cryptocurrency regulation during the agency’s latest roundtable discussion on Friday, criticising past efforts and promising a “fit-for-purpose” framework for digital assets.
“I expect huge benefits from this market innovation in terms of efficiency, cost reduction, transparency, and risk mitigation,” Atkins said. “Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that the SEC has fostered.”
Atkins, sworn in just days ago after being nominated by President Donald Trump, said he looks forward to working with Congress and administration officials to develop a rational framework for crypto assets.
His comments follow a series of moves by the SEC to soften its stance on the industry, including guidance on how crypto firms should handle securities disclosures and the dismissal of several high-profile enforcement cases.
Commissioner Hester Peirce also weighed in at the roundtable, using a vivid metaphor to describe the agency’s previous approach to crypto custody rules.
She likened navigating SEC regulations to playing “the floor is lava” — but in the dark, without clear guidance.
“If investment advisers do not know which crypto assets are securities, or what entities are qualified custodians, they may not be able to serve their clients’ best interests,” Peirce said. “We need to turn on the lights and build some walkways over the lava pit.”
Peirce, who now leads the SEC’s internal crypto task force, outlined a series of questions for regulators and industry participants, including whether rules should be updated to allow for self-custody and smart contract-based settlement systems.
The roundtable signals the SEC’s continued push toward recalibrating its approach to digital assets after years of heightened scrutiny under former Chair Gary Gensler — a shift welcomed by many in the industry as the agency charts a new course under Trump-era leadership.
Crypto market movers
- Bitcoin has lost 0.4% over the past 24 hours and is trading at $94,230.
- Ethereum is down 1% in the same period to $1,810.
What we’re reading
- Biopharma firm spins off cancer research to mine Dogecoin instead ― DL News
- A Draft Crypto Market Structure Bill Could Come as Soon as This Week ― Unchained
- The bull case for Coinbase ― Milk Road
- Arkansas town nixes crypto mine plans: ‘We’re not the Bitcoin mining state’ ― DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
