SEC Chairman Paul Atkins has announced significant plans to revamp U.S. Securities and Exchange Commission (SEC) rules governing crypto securities. Speaking at the SEC's Crypto Task Force roundtable, Atkins highlighted that new rules are being actively developed for crypto assets qualified as securities, aimed at creating a rational and modern regulatory framework. He emphasized that current regulations are ill-suited for the evolving crypto industry, and that the new guidelines will focus on clear rules for issuance, custody, and trading of crypto securities, with enhanced consumer protections.
During the event, Atkins pointed out that only four crypto issuers have managed to register offerings under current SEC rules — a situation he attributed to regulatory shortcomings rather than industry failure. He stressed the innovative potential of tokenized securities, such as automatic dividend issuance and improved liquidity. Notably, Atkins' approach marks a significant departure from the former SEC leadership, which insisted existing securities laws were adequate for the industry.
Further, in a separate address at the SEC’s fourth cryptocurrency working group, Atkins reiterated plans to fundamentally change the regulatory climate, prioritizing collaboration with Congress and conditional exemptions for new products and services. He alluded to possible updates in custody regulations, including permitting funds and advisors to self-custody assets under certain conditions, and reviewing 'special purpose brokerage' frameworks. The SEC’s new direction, shaped by Atkins and pro-crypto Commissioner Hester Peirce, is expected to foster innovation and provide clearer compliance standards for the crypto sector.