Since Paul Atkins took over as head of the US SEC, a new era has dawned for the cryptocurrency sector. All the more so when he promises to protect the crypto market from “regulatory excesses.”
SEC vs. securities: Paul Atkins changes the game
The arrival of the Trump administration in the White House triggered the very timely departure of former Securities and Exchange Commission (SEC) chairman Gary Gensler and his aggressive anti-crypto policy. At the heart of this policy was a relentless and almost obsessive pursuit of financial securities, over which he had exclusive regulatory control.
This is why the arrival of his successor, Paul Atkins, quickly appeared to be an unprecedented opportunity for American players in this ecosystem, and even beyond.
This was all the more true when he stated last May that a “new era” was dawning for this regulatory body. A change of course that is all the more striking given that every time Paul Atkins talks about securities in relation to the cryptocurrency sector, it is to assert that this connection is not valid.
The latest example is the necessary clarifications issued on liquid staking.
This position was recently reaffirmed at the Wyoming Blockchain Symposium held from August 18 to 21 by SALT, an investment firm dedicated to institutional investors, in partnership with the Kraken cryptocurrency exchange and the University of Wyoming for blockchain and digital innovation.
It’s a new day, especially for this [crypto] sector. (…) In my mind, there are very few tokens that are securities, but it depends on the framework around them and how they are sold.
Paul Atkins
Protecting the crypto market from “regulatory excesses”
These remarks follow the recent launch of the SEC’s “Crypto Project” in early August. Paul Atkins has expressed his desire to modernize the U.S. economy and financial markets through on-chain evolution based on the innovations offered by blockchain technology.
Following this meeting, the SEC chairman provided some additional details on his official Twitter account. This was an opportunity to revisit Donald Trump’s desire to make the United States the global capital of cryptocurrencies, with “clear recommendations for the SEC” that Paul Atkins will “strive to implement as soon as possible.”
We must develop a framework that protects crypto markets from regulatory excesses. I look forward to working with my counterparts in the Administration and Congress to accomplish this task.
Paul Atkins
This ambition for openness was recently presented by analysts at Bernstein, an investment firm for high net worth individuals, as “the most daring and transformative crypto vision ever presented by an SEC chairman,” capable of “rewriting the rules of Wall Street.” It must be said that after Gary Gensler’s crypto-burning policy, Paul Atkins’ change of direction is a complete 180-degree turn.
