On 12 May 2025, SEC Chair Paul Atkins laid out his plans for crypto regulation in the US. In a keynote at the SEC Crypto Task Force's roundtable on tokenisation, he said a key priority of his chairmanship would be a rational framework with clear rules for the issuance, custody and trading of crypto assets (source [1]).
Three focus areas
- Issuance: Atkins criticised that existing disclosure forms do not fit token issuers – only four crypto issuers had completed a registered offering. He asked SEC staff to consider guidance, exemptions and safe harbours, but prefers formal rulemaking (source [2]).
- Custody: Registered firms should have more options for holding crypto, including self-custody solutions for advisers and funds under certain conditions (source [3]).
- Trading: He supports platforms where securities and non-securities can be traded side by side (source [4]).
End of regulation by enforcement
Atkins spoke of "a new day at the SEC": policy would no longer be made through ad hoc enforcement actions (source [5]). This marks a clear break with the approach of his predecessor Gary Gensler, who resigned in January 2025.
Sources
