Post-Gensler Era: The "Icebreaking Action" of U.S. Encryption Regulation

Original Title: SEC Chair Paul Akins Slams Gensler Regime for 'Stifling' Crypto Innovation

Original author: Sander Lutz

Original source:

Compiled by: Daisy, Mars Finance

SEC's new chairman, Paul Atkins, criticizes Gensler's policy as "stifling" crypto innovation.

Reforming SEC cryptocurrency policies became the core topic of the new chairman's first public speech.

Key Points Overview

New SEC Chairman Paul Atkins delivered his first public speech today as the head of the committee.

Atkins attended the SEC's third cryptocurrency roundtable, with leaders from multiple crypto custody institutions participating.

Atkins has made it clear that he will abandon the Gensler approach and strongly criticize the previous chairman's stance on crypto regulation.

Washington News - On Friday, newly appointed SEC Chairman Paul Atkins delivered his first complete policy speech, praising the committee's support for the cryptocurrency industry during his predecessor's term, while condemning the crackdown policies on the industry under former Chairman Gary Gensler and the Biden administration.

"Market participants engaged in this technology need clear regulatory rules," Atkins said regarding cryptocurrencies at the SEC headquarters in Washington. "Unfortunately, innovation has been stifled over the past few years due to market and regulatory uncertainties—uncertainties that the SEC has exacerbated."

This statement comes just before the SEC's third roundtable discussion on cryptocurrency, which focuses on the custody of digital assets (i.e., services that hold crypto assets on behalf of clients). Atkins also praised her Republican colleague Hester Peirce for her work in a brief speech. Peirce has been leading the SEC's newly established cryptocurrency working group since January of this year.

"I would like to express my sincere personal thanks to Commissioner Peirce for her principled stance and tireless efforts in promoting rational cryptocurrency policies in the United States," he said. "It is no coincidence that she rightfully deserves the title of 'Crypto Mom.'"

Under the leadership of Pierce, the SEC has completely changed its controversial approach to regulating the cryptocurrency industry over the past 90 days, withdrawing most of its high-profile lawsuits and investigations against the crypto sector. The regulatory agency also issued a statement excluding various types of crypto assets from securities regulation.

As a former SEC commissioner during President George W. Bush's administration, Atkins returned to the agency after months of confirmation processes. From his statements during the swearing-in ceremony at the White House this week to his first formal policy speech today, he has repeatedly indicated that promoting pro-crypto policies will be his top priority during his term.

"I look forward to communicating with market participants and working with colleagues, the Trump administration, and Congress to establish a rational regulatory framework that aligns with the characteristics of crypto assets," Atkins said today.

He added: "I anticipate that this market innovation will bring significant benefits in terms of improved efficiency, reduced costs, enhanced transparency, and risk mitigation."