US Securities and Exchange Commission Chairman Paul Atkins announced a sweeping pivot in the agency’s approach to digital assets, signaling the end of what he called a “shoot-first-and-ask-questions-later” enforcement regime.
In his remarks at the SEC Speaks conference, Atkins said the agency would begin drafting formal rule proposals tailored to the crypto industry and open the door for federally regulated custody and trading of both securities and non-securities under one roof.
“The crypto markets have been languishing in SEC limbo for years. We must stop treating innovation like a threat.”
‘New day at the SEC’
Atkins condemned the SEC’s past treatment of crypto firms, accusing the agency of offering little guidance while issuing subpoenas in response to good-faith outreach.
He added that this led to a regulatory environment devoid of trust and rife with confusion. Atkins further criticized the Commission’s failure to modernize registration processes for emerging technologies and pledged to end the pattern of opaque enforcement.
Instead, Atkins directed SEC staff to engage transparently with the industry and has already authorized the release of new staff guidance, including FAQs addressing broker-dealer and transfer agent questions related to digital assets.
He said:
“It is a new day at the SEC. The message going forward is not ‘go figure it out’ — it’s ‘let’s figure it out together.’”
Unified crypto framework
Looking ahead, Atkins outlined a long-term vision that includes allowing SEC registrants to custody and trade both securities and digital assets in a single regulated environment.
He said this could lower costs, encourage innovation, and lay the groundwork for what he called a “super-app” future in financial services.
Atkins also revealed plans to dismantle the agency’s Strategic Hub for Innovation and Financial Technology, or FinHub, arguing that its narrow scope and enforcement-heavy reputation had made it ineffective. Instead, he plans to embed innovation priorities across the Commission’s full structure.
While specific rule proposals are still in development, Atkins’ speech marked a clear departure from the agency’s previous stance and offered the clearest signal yet that the SEC is preparing to embrace, not obstruct, the digital asset ecosystem.
