SEC Chairman Paul Atkins has called for a comprehensive modernization of U.S. crypto asset policy and outlined a three-part strategy for reforming the regulation of issuance, custody, and trading.
On May 12, Atkins made this statement during a keynote speech at the latest roundtable of the SEC's Crypto Asset Special Working Group, which explored the potential of tokenization and its ability to upgrade capital markets.
Atkins compared the transition to blockchain-based securities to the digital transformation of the music industry, believing that "on-chain" assets could fundamentally change capital markets in the same way that MP3s reshaped audio distribution.
Under Atkins' leadership, the SEC's top priority is to tailor a "reasonable regulatory framework" for the digital asset market, moving away from years of unpredictable enforcement patterns that have hindered innovation.
He promised that policy-making would henceforth be conducted through formal channels rather than ad hoc actions, reiterating his recent statements.
Atkins stated, "The SEC is entering a new phase."
Three-Pronged Reform Plan
Atkins has developed an ambitious reform agenda focused on promoting compliant crypto asset issuance, expanding legitimate custody options, and modernizing the trading framework.
He noted that only a few projects have successfully registered their issuance products through the SEC's traditional channels, pointing out that outdated disclosure forms and legal uncertainties are major obstacles.
To address this issue, regulators will consider developing more suitable exemption provisions, safe harbor rules, and disclosure guidelines for digitally native assets. He emphasized that temporary staff guidance is just that—temporary—and that a complete set of rules needs to be established by the commission to create lasting standards.
On custody, Atkins supports the repeal of Staff Accounting Bulletin No. 121, which had imposed restrictive measures on the holding of crypto assets. He called for a broader clarification of the qualifications for "qualified custodians" and stated that custody rules should evolve to reflect self-custody solutions and emerging best practices in the industry.
Regarding trading, Atkins expressed support for allowing broker-dealers to offer integrated services on a unified platform that includes both crypto and non-crypto assets. He also proposed the possibility of conditional exemption relief to allow the launch of new products that may not yet comply with existing rules.
Strengthening U.S. Leadership in Crypto
Atkins echoed President Donald Trump's call to make the U.S. the "global crypto capital" and warned that if the SEC fails to adapt to changing circumstances, innovation will flow overseas.
He praised the co-leaders of the newly established Crypto Asset Special Working Group, Mark Uyeda and Commissioner Hester Peirce, which aims to break down internal barriers and accelerate the issuance of guidance documents across the agency.
In his speech, Atkins emphasized the necessity of creating rules that both protect investors and support innovation. He stressed that combating fraud remains a top priority, but the SEC's enforcement approach will return to its "original intent," which is to regulate violations of clearly defined obligations rather than to make policy through enforcement.
The SEC is expected to continue advancing additional rule-making, staff guidance, and inter-agency coordination efforts in the coming months, striving to position the U.S. as a leader in the field of tokenized financial infrastructure.
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