On his fourth day in office, new SEC Chair Paul Atkins vowed to overhaul regulations, paving the way for crypto market growth. Marking a significant shift from the principles of the former SEC Chair, Gary Gensler, Atkins is taking proactive measures to boost crypto growth and innovation.
Speaking at the regulatory watchdog’s crypto roundtable in Washington, DC, the SEC Chair criticized the prior administration’s stringent regulations that stifled crypto market growth. “Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered,” noted Atkins.
Paul Atkins Promises Crypto Growth
As new SEC Chair Paul Atkins made his first public appearance at the SEC’s third Crypto Task Force roundtable on Friday, he took a bold stance on crypto regulations and market growth. Mounting a stark rebuke to the Biden administration and former SEC Chair Gary Gensler, Atkins pledged a significant regulatory shift, focusing on the establishment of the crypto industry.
Notably, the new SEC Chair promised to confront the “long festering issues” that hindered the growth of crypto and blockchain technology. Atkins, who previously served two terms under former President George W. Bush, believes clear regulations are key to achieving desired outcomes in the crypto space. Thus, he plans to develop a “rational fit-for-purpose framework for crypto assets.”
How Will Atkins’ Regulatory Approach Help the Crypto Industry?
Paul Atkins took charge as the 34th Chairman of the US Securities and Exchange Commission on April 22. Atkins’ pro-crypto stance, coupled with the commission’s efforts to foster a crypto nation, has sparked optimism within the community.
Following his official inauguration, Atkins proclaimed Bitcoin and other cryptocurrencies as his top priority, further boosting the community’s confidence. If the new SEC Chair introduces a clear crypto regulatory framework as guaranteed, it could mark a positive turn in the industry.
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