SEC’s Atkins calls for overhaul of ‘badly needing attention’ crypto rules

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Paul Atkins stressed the urgency for clearer guidelines to foster innovation in the blockchain sector.

SEC Chairman Paul Atkins has called for a sweeping reevaluation of the agency’s regulatory framework governing crypto assets, criticizing the current rules as outdated and burdensome.

🇺🇸 JUST IN: Pro-Bitcoin SEC Chair Paul Atkins, speaking at today’s SEC Crypto Task Force roundtable, stated that “the current framework is in serious need of reform” when it comes to Bitcoin and crypto regulation. pic.twitter.com/v8zC0kR3yZ

— Crypto Briefing (@Crypto_Briefing) April 25, 2025

Speaking at the SEC’s third crypto task force roundtable on Friday, Atkins said the existing approach to digital asset oversight “badly needs attention.”

“Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered,” said Atkins in his opening remarks at the roundtable.

The SEC chief pledged to collaborate with industry players, fellow commissioners, Congress, and the Trump administration to build “a rational fit for purpose framework” for digital assets.

Known as an advocate for innovation, Atkin believes crypto and blockchain technologies could bring real system-wide improvements. He stressed that entrepreneurs leveraging blockchain technology to modernize the financial system “deserve clear regulatory rules.”

In the Friday roundtable, participants focused on the challenges registrants face when custodians of crypto assets are required to comply with federal securities laws. Atkins questioned whether changes are needed to custody rules under the Exchange Act, the Advisors Act, or the Investment Company Act to accommodate crypto assets and blockchain technology.

Atkins, who is serving his third stint at the securities agency, also expressed gratitude to Commissioners Mark Ueda and Hester Peirce.

He praised Commissioner Peirce, known as “crypto mom,” for her “principled and tireless advocacy for common-sense crypto policy,” noting she is “certainly the right person to lead the effort to come up with a rational regulatory framework for crypto assets in their markets.”

Atkins officially assumed his position as Chairman of the SEC earlier this week after being nominated by President Donald Trump and confirmed by the Senate.

At his official swearing-in ceremony on Tuesday, the new SEC Chair said he would prioritize establishing a transparent regulatory framework for digital assets. Atkins also reaffirmed his commitment to capital formation, market efficiency, and investor protection.

A former Wall Street figure and entrepreneur, Atkins is recognized for his deregulatory philosophy and pro-crypto stance, contrasting with his predecessor Gary Gensler’s more stringent regulatory approach.

The SEC’s crypto task force under Commissioner Peirce has hosted numerous roundtables to forge a regulatory path distinct from the previous administration’s enforcement-heavy approach.

Atkins, now running the agency, is expected to continue pushing for a more innovation-friendly regulatory environment, with a particular focus on modernizing rules for digital assets and blockchain technologies.