U.S. SEC chair reaffirms commitment to reforming crypto regulation

Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), acknowledged that the agency's earlier “head-in-the-sand” and enforcement-heavy approaches to crypto had failed to build trust. In a speech published on the SEC’s official website, he criticized the Commission’s past reluctance to adapt regulations or allow open dialogue with crypto firms. To shift this approach, Atkins directed the Division of Corporation Finance to engage transparently with the public. While formal crypto regulations are being developed, most guidance remains informal. He also voiced support for allowing firms to custody and trade both securities and non-securities under one roof. To further support innovation, Atkins proposed integrating the SEC’s Strategic Hub for Innovation and Financial Technology (FinHub) into the agency’s core operations. FinHub, once seen as an enforcement tool, will now serve to embed innovation across the SEC.