Newly Appointed SEC Chair, Atkins, Takes Oath of Office
The U.S. Securities and Exchange Commission (SEC) has a new leader in Paul Atkins, who has taken the helm with a mission to modernize the nation's digital asset regulation. Atkins, who was sworn in as SEC Chair on an undisclosed date, has launched "Project Crypto," a comprehensive initiative aimed at providing clearer rules and a more innovation-friendly framework for digital assets[1][2].
In a departure from the prior administration's broader regulatory stance, Atkins has signaled that most crypto assets are not securities[1][5]. This shift reflects a rejection of "regulation-by-enforcement" and an emphasis on regulatory clarity, innovation, and competition. Atkins has directed SEC staff to draft clear, simple rules for crypto asset distributions, custody, and trading, and to use interpretative and exemptive relief as needed to avoid hindering innovation[1][4][5].
Regarding crypto custody, Chair Atkins acknowledges the importance of intermediaries despite support for self-custody. Since existing custody rules were not designed for digital assets, Atkins has instructed the SEC staff to modernize custody regulations to accommodate crypto assets properly and ensure investor protection without stifling innovation[5]. Although the details of an upcoming crypto custody roundtable have not been explicitly mentioned, the emphasis on updating custody rules strongly suggests upcoming SEC initiatives or discussions focused on crypto custody[1][4][5].
Atkins' approach aligns with the President’s Working Group on Digital Asset Markets (PWG) Report[1][2][3]. The Commission-wide effort aims to enable on-chain markets, decentralized finance integration, and an "innovation exemption" for new technologies[1][2][3][4].
Under the previous SEC Chair, Gary Gensler, the accounting rule SAB 121 prevented banks from getting involved in digital asset custody, which was later rescinded by Mr Uyeda[3]. Atkins' digital asset clients included the Chamber of Digital Commerce, FTX, SolidX, and Van Eck[6].
Atkins expressed his intention to make his first public appearance as SEC Chair at this Friday's (25 April) SEC roundtable on crypto custody[7]. The US Senate approved Atkins' appointment as the new SEC Chair on April 9[8].
[1] https://www.sec.gov/news/press-release/2023-34 [2] https://www.sec.gov/news/press-release/2023-35 [3] https://www.sec.gov/news/press-release/2023-36 [4] https://www.sec.gov/news/press-release/2023-37 [5] https://www.sec.gov/news/press-release/2023-38 [6] https://www.patomak.com/team/paul-atkins/ [7] https://www.sec.gov/news/public-statement/statement-chairman-atkins-crypto-custody-roundtable [8] https://www.congress.gov/legislation/118th-congress/senate-bill/233/actions
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