SEC Chair Paul Atkins is pushing for big changes at the agency, in an attempt to reshape how it handles crypto. He testified before the Senate Appropriations Subcommittee on Financial Services and General Government on Tuesday, calling it “a new and brighter day for the SEC.”
Atkins said that his key priority is to create clear crypto rules that protect investors and crack down on scams.
“Clear rules of the road are necessary for investor protection against fraud, not the least to help them identify scams that do not comport with the law. Policymaking will be done through notice and comment rulemaking, not through regulation-by-enforcement,” he said.
This comes as Congress puts more effort into limiting its power over crypto. Just last week, lawmakers introduced the CLARITY Act, a bill that would take most crypto assets out of the SEC’s hands and create a new set of rules.
Atkins further said:
“A key priority of my Chairmanship will be to develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law.”
However, Democrats accused the SEC of not sharing how the bill could impact the system, warning that it might let big banks use crypto as a loophole. Atkins said he was aware of the changes in Congress, but pointed to the new Crypto Task Force and a Defi roundtable as steps to support innovation.
Atkins also praised Commissioners Hester Peirce and Mark Uyeda for launching the Crypto Task Force. So far, the task force has held four roundtables on key topics like what counts as a security, how to regulate crypto trading and custody, and tokenisation. The next focus is Defi, with more feedback expected from the public.
On May 30, Atkins submitted the SEC’s 2026 budget request, backing President Trump’s $2.149 billion plan. The amount stays flat compared to 2024 and 2025 and focuses on the SEC’s core mission and funding the new Crypto Task Force.
Atkins’ priority is creating clear “rules of the road” for crypto to protect investors from fraud and foster innovation through formal rulemaking, not lawsuits.
Led by Hester Peirce, the Crypto Task Force focuses on developing fair and clear guidelines for crypto, holding roundtables on security status, trading, custody, and tokenization.
DeFi roundtables focus on token classification, custody rules, trading oversight, and gathering public feedback for new policies.
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