United States Securities and Exchange Commission (SEC) head Paul Atkins slammed the agency’s past regulation-by-enforcement approach to the digital asset industry, claiming that it “inhibited innovation” and invited “fraud” in a June 3 Senate testimony.
Atkins Doubles Down On Crypto Approach
Speaking before the United States Senate Appropriations Subcommittee on Financial Services and General Government, Atkins doubled down on the SEC’s new regulatory strategy toward the blockchain sector.
“The Commission will utilize its existing authorities to set fit-for-purpose standards for market participants,” said Atkins. “The Commission’s enforcement approach will return to Congress’ original intent, which is to police violations of these established obligations, particularly as they relate to fraud and manipulation.”
The newly-appointed SEC chair also praised the creation of the agency’s Crypto Task Force, a digital asset working group spearheaded by Commissioner Hester Peirce in order to develop a crypto regulatory framework in line with the wants of Americans associated with the sector.
“For too long, the Commission has been hindered by policymaking silos,” Atkins said. “The Crypto Task Force exemplifies how our policy divisions can come together to expeditiously provide long-needed clarity and certainty to the American public.
“I am confident that Commissioner Peirce, known for her principled and tireless advocacy for common-sense policy, is the right person to lead the Crypto Task Force’s effort to come up with a rational regulatory framework for crypto asset markets,” he added.
Trump Shift U.S. Regulatory Landscape
Atkins’ remarks come amid sweeping regulatory changes to the crypto sector amid President Donald Trump’s second term as U.S. president.
Trump, who largely ran on a pro-crypto stance, has drawn both criticism and praise for his affiliation with the digital asset industry while leading from the Oval Office.
Just last month, Trump hosted the top 220 investors of his namesake meme coin, $TRUMP, to his golf club just outside of Washington D.C. for a gala dinner – drawing ire from his political opponents.
“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” Senators Elizabeth Warren and Adam Schiff said in a recent letter.
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