Chairman Paul Atkins opened the roundtable emphasizing the growing transition of securities from traditional “off-chain” systems to blockchain-based “on-chain” systems.
He likened the shift to how the digitization of audio revolutionized the music industry, unlocking innovation and accessibility.
Tokenization: A Market Shift
Atkins noted that tokenization could redefine capital markets, from enabling real-time dividend payments to unlocking liquidity in traditionally illiquid assets. But he warned that current SEC regulations often don’t accommodate these new models, risking innovation by applying outdated rules.
A New SEC Approach Under Atkins
Atkins declared an end to “regulation by enforcement.” The SEC will return to rulemaking, interpretation, and exemptions as Congress intended—focusing enforcement on fraud and manipulation. He praised Commissioners Peirce and Uyeda for forming the new Crypto Task Force to break down internal siloes and expedite regulatory clarity.
1. Issuance: Creating Clear Pathways
Only four crypto asset issuers have successfully registered with the SEC, largely due to outdated disclosure frameworks.
Atkins criticized the SEC’s past stance of inviting projects to “come in and register” while failing to adapt forms like Form S-1.
The Commission will explore new guidance, exemptions, and safe harbors tailored to crypto issuance. Atkins stressed that ad hoc staff statements are only a temporary solution—formal Commission action is needed.
2. Custody: Repealing Roadblocks
The SEC has rescinded Staff Accounting Bulletin No. 121, which Atkins labeled a “grave error.”
He advocates broader recognition of qualified custodians and potentially allowing certain funds to self-custody crypto using secure technologies.
A replacement for the unworkable “special purpose broker-dealer” framework is also under review to support a wider array of custodial activity.
3. Trading: Supporting Super Apps & Innovation
Atkins supports allowing registered platforms to offer securities and non-securities, possibly within unified “super apps.”
He has tasked staff with updating ATS (Alternative Trading System) regulations to better reflect crypto market realities.
Conditional exemptive relief may be considered to allow innovation to remain onshore while the new framework is built.
Final Thoughts
Atkins concluded by committing to work with Congress and President Trump’s administration to ensure the U.S. leads in blockchain innovation. “It is a new day at the SEC,” he said, pledging a rational and modern regulatory approach to make America the global capital of crypto.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/sec-chair-unveils-bold-plan-to-make-u-s-the-crypto-capital-of-the-world/