On 25 April 2025, the US Securities and Exchange Commission (SEC) hosted its first major Crypto Task Force roundtable. Headlining the Washington DC event, the newly appointed SEC Chair Paul Atkins said, “The market itself seems to indicate that the current framework badly needs attention.”
“This is important work as entrepreneurs across the United States are harnessing blockchain technology to modernize aspects of our financial system,” said Atkins. “I expect huge benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation.”
He further insisted, “Market participants engaging with this technology deserve clear regulatory rules of the road. Innovation has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered.”
The discussions at the roundtable also marked a symbolic departure from the enforcement-heavy posture of his predecessor, Gary Gensler.
Today at the SEC Crypto Roundtable we heard from Paul Atkins, in his first public address as the newly sworn in 34th Chair of the SEC.
“Innovation, unfortunately has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC… pic.twitter.com/iyq6L6kYnx
— Jason Meyers (@JasonMeyersNYC) April 26, 2025
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“Our regulatory approach should recognize the differences across crypto assets,” said “Crypto Mom”
Atkins also praised SEC Commissioner Hester M. Peirce for “her principled and tireless advocacy for common-sense crypto policy within the US.” He said, “It is no wonder that she has earned the title of “CryptoMom.”
Meanwhile, according to Peirce, the SEC should acknowledge and welcome the fact that blockchain technology empowers investors by allowing them to self-custody, trade, and otherwise engage with their assets without the use of any intermediary. “Our regulatory framework should not stand in the way of these innovations by forcing intermediation,” she said.
The roundtable, attended by industry leaders, regulators, and legal experts, focused on the critical issue of digital asset custody – a longstanding pain point for crypto firms seeking to comply with federal securities laws.
Talking about digital asset custody, Caroline A Crenshaw said, “Some believe that differences from traditional assets justify exemptions or disparate treatment for custody of crypto assets under our rules. But if we are to consider implementing an alternative custody regime for crypto assets – something the SEC has not done wholesale for another asset class without good reason – we must keep in mind some guiding principles.”
“Existing SEC custody rules are a gold standard of investor protection,” she continued.
However, she questioned, “If the SEC were to create a dual-regime, how do we ensure the crypto regime is as robust as the current regime? Additionally, how could the Commission address increased risks to investors and the broader financial system that may stem from different crypto custody rules? ”
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Atkins was sworn in on Monday, 21 April 2025, as the 34th Chairman of the US SEC, marking a significant shift toward a more crypto-friendly regulatory stance.
Strategy Chairman Michael Saylor took to X to say, “SEC Chairman Paul Atkins will be good for Bitcoin.”
Commenting on Atkins’ appointment, Trump said, “He’s the perfect man to lead this agency at a time when crypto innovators are urgently in need of regulatory certainty and clear rules of the road.
Meanwhile Atkins said that Bitcoin and crypto will be his top priority.
“As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors,” Atkins said. “Together we will work to ensure that the US is the best and most secure place in the world to invest and do business.”
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Key Takeaways
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The Crypto Task roundtable, attended by industry leaders, regulators, and legal experts, focused on the critical issue of digital asset custody – a longstanding pain point for crypto firms seeking to comply with federal securities laws.
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The roundtable’s primary topic – crypto custody – highlighted the complex interplay between investor protection and innovation.
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