Atkins becomes next SEC chair: What’s next for the crypto industry

The crypto industry has welcomed the confirmation of American businessman and former US Securities and Exchange Commissioner Paul Atkins as chair of the agency.Atkins’ approval has taken months. He appeared before the Senate on March 27 to explain his intended approach to securities regulation in the United States, as well as his views on digital assets. Atkins will replace acting chair Mark Uyeda as head of the agency, which began unwinding a number of court cases and enforcement action against cryptocurrency firms when President Donald Trump took office. However, these actions don’t amount to clear guidance — yet.Now that Atkins is ready to take the helm, the blockchain industry is hoping for the guidance they’ve been wanting for years. So who is Paul Atkins, and what can the industry expect?Senator Cynthia Lummis celebrated the confirmation. Source: Cynthia LummisPaul Atkins wants to provide guardrails for the crypto industryAn alumnus of Wofford College and Vanderbilt, Atkins has a long career in finance. He initially worked at Davis Polk and Wardwell, before serving on the staff of two former chairmen of the SEC from 1990-1994.Notably, under Chairman Breeden, he assisted in efforts to decrease barriers to entry to capital markets for small businesses and middle market companies.After working at PwC and Coopers and Lyband, Atkins joined the SEC again as commissioner at the appointment of former President George W. Bush.At the SEC, Atkins focused on improving financial services compliance with SEC regulations. He worked with law enforcement agencies in cases where investors were harmed. This included the Bennett Funding incident, a $1 billion Ponzi scheme by the leasing company in which 20,000 investors lost much of their investments. After leaving this role as commissioner, he founded and led Potomak Global Partners, a consultancy for banks and financial services firms. Ahead of his 52-44 confirmation vote — largely along party lines — Atkins faced a grilling from the Senate Committee on Banking, Housing and Urban Affairs. At the hearing, Atkins said the “top priority” of his tenure as chair would be to “provide a firm regulatory foundation for digital assets through a rational, coherent and principled approach.”Related: Trump’s pick for SEC chair makes it out of committeeHe said that the current “ambiguous and non-existent regulation of digital assets” harms innovation and the sector. More broadly, he claimed that world industry wants to invest in America, but “the current regulatory environment for our financial system inhibits investment and often punishes success.”Congressman Tom Emmer said of Atkins’ nomination “It’s gonna be great,” stating that the former Chair Gary Gensler under ex-President Joe Biden had “set a pretty low bar.” Emmer said the SEC can soon provide the clarity the industry expects: “We need stablecoins. We need market structure. We need to have clarity and certainty in the system.”Faryar Shirzad, chief policy officer at Coinbase, said the confirmation was the “dawn of an era.”Source: Faryar ShirzadSEC actions under Uyeda point to further crypto priorities While no one has a crystal ball, recent analysis from Cointelegraph shows that the recent dismissals of court cases and enforcement actions may indicate the future direction of crypto regulation — or lack of regulation — by the SEC. Related: US gov’t actions give clue about upcoming crypto regulationThe dismissal of cases revolving around “the unregistered sale and offer of securities under the Securities Act of 1933 and acting unregistered as a broker, dealer, clearing agency and exchange” suggests that the SEC may not consider the assets involved as securities.This idea is bulwarked by recent statements from the SEC that proof-of-work mining, pooled mining and dollar-backed stablecoins are not subject to securities laws. On the whole, this suggests that the SEC does not consider cryptocurrencies to be subject to securities law. Crypto agenda could be hamstrung by recent SEC dismissalsOne point of friction in Aktins’ ascension to SEC chair is the recent spate of dismissals of SEC staff. The Trump administration’s efforts to cut certain types of government spending through the temporary committee of the Department of Government Efficiency (DOGE) has not spared the securities regulator. As reported by Politico in March, a combination of different buyout and dismissal programs will effectively get rid of 10% of the agency’s 5,000-strong workforce in the coming months. One source mentioned in the report suggested the total could be closer to 15%.DOGE leader Elon Musk — who himself has run afoul of the SEC numerous times throughout his career — is reportedly seeking further cuts to the SEC’s already lacerated budget and staff.  A group of prominent securities law professors known as the "Shadow SEC," have raised the alarm about the recent cuts, saying the policy is “diminishing the SEC’s staff will lead to chaotic financial markets, longer review times for registration statements, and weakened enforcement capabilities.”Creating a new framework for digital assets, especially from scratch, could take longer if the agency is bleeding staff and expertise while Musk wields a scythe in Washington. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging researchWeiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei CointelegraphWeiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei CointelegraphWeiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei CointelegraphWeiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph