Since being sworn in as Chair of the U.S. Securities and Exchange Commission (SEC) on April 21, 2025, Paul Atkins has overseen a significant shift in the agency's regulatory approach to digital assets, marking a clear departure from the enforcement-heavy stance of his predecessor, Gary Gensler. This change follows through on campaign promises made by former President Donald Trump, who pledged to remove Gensler and create a more favorable environment for cryptocurrency.
The transition began after Trump's November 2024 election win, leading to Gensler's resignation in January 2025. SEC Commissioner Mark Uyeda served as acting chair until the Senate confirmed Atkins. Even before confirmation, the SEC signaled change by dropping civil enforcement actions and investigations into crypto companies, starting with Coinbase in February 2025. The agency also formed a crypto task force led by Commissioner Hester Peirce.
In his first year, Atkins has implemented policies widely viewed as favorable to the crypto industry. Key actions include wrapping up legacy enforcement cases, approving multiple cryptocurrency-based exchange-traded funds (ETFs), and issuing an interpretive notice stating that most cryptocurrencies will not be treated as securities under federal law. The SEC also signed a memorandum of understanding with the Commodity Futures Trading Commission (CFTC) to improve coordination on digital asset regulation.
In a CNBC interview on April 20, 2026, Atkins outlined his "ACT" strategy—Advance, Clarify, Transform—which aims to embrace new technology, provide clear rules, and modernize financial systems. "I promised a new day at the SEC when I came aboard, and we have," Atkins stated.
Ripple CEO Brad Garlinghouse publicly praised the new direction, calling Atkins a "breath of fresh air" and contrasting it with what he described as a prior "war on technology" under Gensler. However, the shift has drawn criticism from Congressional Democrats, including Senator Elizabeth Warren, who has accused Atkins of misleading Congress and pointed to a drop in overall SEC enforcement actions.
