U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins declared on May 28, 2026, that the agency’s era of hostility toward digital asset innovation is over. In a statement on X, Atkins promised to work with President Donald Trump’s administration and Congress to deliver clear regulatory guidelines for cryptocurrencies, marking a stark departure from former Chair Gary Gensler’s enforcement-heavy approach that many in the industry say drove businesses offshore.
President Trump reinforced this pivot on Truth Social, vowing to “codify a FUTURE-PROOF Digital Asset Market Structure” that cannot be reversed by future administrations or critics. He blamed Gensler and an “Anti-Crypto Army” for almost destroying the American crypto industry and forcing Bitcoin, crypto derivatives, and innovation overseas. Trump claimed that his policies have already brought builders back, and that the U.S. is now the “Crypto Capital of the World.”
The centerpiece of this legislative push is the CLARITY Act, which would delineate digital assets as securities (SEC) or commodities (CFTC), establish compliance paths for crypto firms, protect decentralized software developers, and clarify customer fund treatment in bankruptcies. The bill passed the House on July 17, 2025, and cleared the Senate Banking Committee markup on May 14, 2026. However, it still needs a 60-vote majority in the full Senate and the president’s signature. The White House has targeted July 4, 2026 for enactment, though analysts view the timeline as extremely tight.
Atkins’ SEC has already reversed most of Gensler’s enforcement priorities and is working with CFTC Chair Michael Selig to align agency rules under the CLARITY Act. The shift signals a move from ad hoc litigation to formal rulemaking, which could boost institutional participation and bring legal certainty to a market long hobbled by regulatory ambiguity.
