With Paul Atkins taking office as SEC Chair, the crypto industry is anticipating significant changes. The new direction implies a positive approach to regulation and engagement in creating clearer rules.
Changes in SEC Management
Paul Atkins, upon taking office as SEC Chair, expressed his intent to establish 'rational, fit-for-purpose' rules that foster innovation. He emphasized the need for SEC to clarify the confusion left by his predecessor while highlighting the importance of supporting blockchain technologies.
Crypto Assets and Custody Issues
In his first public event, Atkins discussed the challenges related to digital asset custody. He put forth the idea of needing better rules regarding who can hold crypto assets for investors, suggesting that current broker-dealer models may not be sufficient.
Prospects for Crypto Regulation
Crypto industry representatives are optimistic about the new SEC leadership. They believe that under Atkins, a new era of cooperation with regulators is beginning, which will help improve access to capital markets and lower the fear of potential accusations.
Under Paul Atkins’ leadership, the SEC is moving towards a more constructive interaction with the crypto industry. Plans for better regulation and active participation in discussions offer hope for a brighter future for the sector.
