The new Chair of the U.S. Securities and Exchange Commission (SEC) says that creating clear regulatory guidelines for crypto assets is a top priority for the agency.
During a speech at his swearing-in ceremony, SEC Chairman Paul Atkins, who previously served as one of the regulatory body’s Commissioners between 2002 and 2008, says that under his helm, the SEC plans to create “rational and coherent” rules for digital assets.
“It’s time for the SEC to end its waywardness and return to its core mission that Congress set for it: investor protection, fair orderly and efficient markets, and capital formation.
I will work to protect investors from fraud, keep politics out of how our securities laws and regulations are applied, and advance clear rules of the road that encourage investment in our economy to the benefit of Americans.
A top priority of my chairmanship will be to provide a firm regulatory foundation for digital assets through a rational, coherent and principled approach. We will work to ensure that the United States is the best and most secure place in the world to invest and to do business.”
Under the Biden Administration and the control of previous Chairman Gary Gensler, the SEC levied several high-profile lawsuits against prominent crypto firms, including top crypto exchanges Coinbase, Kraken and Binance, crypto wallet developer Consensys, payments platform Ripple Labs, and non-fungible token (NFT) marketplace OpenSea.
Atkins was nominated by President Donald Trump to be the SEC’s Chair in December. Since Trump took office in January, the SEC has dropped many of the lawsuits that were targeting the digital asset companies.
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