SEC boss Atkins: New regulations are revolutionizing the crypto world!

SEC boss Atkins: New regulations are revolutionizing the crypto world!

The crypto markets in the US are facing crucial changes as the Securities and Exchange Commission (SEC) seeks a fundamental realignment under new chairman Paul Atkins. In a speech on May 19, 2025, Atkins emphasized the need to promote innovation in the crypto industry and adapt the regulatory framework to developments in the cryptocurrency sector. This announcement could have far-reaching implications for the industry, especially in a climate where until recently investigations and enforcement actions against crypto companies were prevalent.

Paul Atkins, who took over as SEC chairman in April 2025, plans to have SEC staff develop proposed rules related to cryptocurrencies. These proposals are intended to remove uncertainty in the industry and provide clearer direction. The US Congress is also working on a bill that would clarify the roles of the SEC and the Commodity Futures Trading Commission (CFTC) in regulating digital assets. The proposed legislation could significantly change the regulatory landscape for cryptocurrencies.

A new approach to crypto regulation

Atkins' approach represents a significant departure from the enforcement-oriented stance of his predecessor. In his keynote speech to the SEC's Crypto Task Force on May 12, 2025, he presented a vision for modernizing the US securities framework for blockchain-based assets. He outlined a policy agenda based on three pillars: issuance, custody and trading, to better meet the needs of the industry.

• Emission: Atkins kritisierte die unzureichende Anpassung der Form S-1 und anderer Offenlegungen für tokenisierte Vermögenswerte und forderte klare Richtlinien für Krypto-Vermögenswerte, die Wertpapiere oder unter einen Investitionsvertrag fallen.
• Verwahrung: Die SEC plant, Standards für qualifizierte Verwahrer zu schaffen und in Erwägung zu ziehen, Anlageberatern und Fonds unter bestimmten Umständen die Selbstverwahrung zu gestatten. Zudem soll der Rahmen für „spezielle Broker-Dealer“ möglicherweise aufgehoben werden.
• Handel: Unterstützung für Broker-Dealer, die sowohl Wertpapiere als auch Nicht-Wertpapiere, einschließlich Krypto-Vermögenswerten, handeln. Updates für alternative Handelsplattformen werden ebenfalls geprüft.

This broad reform agenda is intended not only to create greater clarity, but also to enable a boost in innovation for the entire industry. An SEC discussion forum on decentralized financial systems has been scheduled for June 9, 2025 to discuss further developments in this dynamic area.

In summary, the SEC under Paul Atkins is moving toward a more transparent and rules-based regime for crypto markets. Companies should closely monitor how the new regulations on token issuance, custody services and trading platforms develop, as this could have a significant impact on their business models. However, there may continue to be opposition to the SEC rules until the legislation is finally passed.

For further details on the topic, we refer to the reporting by IT Boltwise and to the detailed analysis of Mondaq.