SEC Chairman calls Biden-era crypto policy a failure, vows to retake lead

U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins called the crypto policy under the Biden administration a failed opportunity and vowed to take proactive steps to reclaim industry leadership, The Block reported. Atkins noted that the SEC under former Chairman Gary Gensler did not attempt to adapt to innovation, instead classifying numerous cryptocurrencies as securities and applying strict standards for violations such as unregistered offerings. He stated that this approach has changed since the Trump administration took office. Atkins emphasized that, separate from the price fluctuations of individual cryptocurrencies, he is personally optimistic about the potential of distributed ledger technology for payment and clearing systems. He added that the SEC will soon approve tokenized deposits, following its approval of tokenized funds.