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The crypto industry is entering what many are calling a reset era after Paul Atkins, the new chair of the U.S. Securities and Exchange Commission (SEC), made his public debut at a highly anticipated crypto roundtable on Friday.
Atkins, who was sworn in earlier this week, didn’t hold back in his first official remarks. “The market itself seems to indicate that the current framework badly needs attention,” he said, pointing to years of regulatory uncertainty that many in the industry believe stalled innovation and scared away capital.
His message was clear: under his leadership, the SEC is shifting from an adversarial stance to one of engagement.
A New Tone from the Top
Atkins, a former SEC commissioner known for his deregulatory leanings, is stepping in to replace Gary Gensler, whose tenure was marked by high-profile enforcement actions and widespread criticism from crypto builders and investors.
During his remarks, Atkins thanked Commissioner Hester Peirce for her “principled and tireless advocacy for common-sense crypto policy within the US,” and emphasized the need to address what he called “long-festering issues” surrounding the treatment of digital assets and blockchain technologies.
Chairman Paul Atkins' remarks at the Crypto Task Force Roundtable today:
— U.S. Securities and Exchange Commission (@SECGov) April 25, 2025
I am in my fourth day back at the Commission and thank my fellow Commissioners and the SEC staff for their warm welcome.
He didn't mince words about the agency’s prior approach, stating that “innovation has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered.” Atkins also pointed to the potential of blockchain to improve financial infrastructure through better transparency, efficiency, and risk management.
“Market participants engaging in this technology deserve clear regulatory rules of the road,” he said.
The roundtable convened executives from Anchorage Digital, Kraken, BitGo, Fireblocks, and other major crypto players. Much of the discussion centered on custody rules—particularly the prior administration’s treatment of crypto assets as liabilities on balance sheets, which many say discouraged institutions from entering the space.
Commissioner Peirce echoed Atkins’ openness to reform, noting, “A regulatory approach should recognize the differences across qualified custodians. But for others, self-custody might be the safer option.”
Read Chairman Atkins’ full remarks here.
From Crackdowns to Clarity
The roundtable follows a string of recent decisions by the SEC that signal a softer stance on enforcement. Just weeks ago, the Commission formally dropped its years-long lawsuit against Ripple, and in January, it repealed Staff Accounting Bulletin 121—a controversial rule that critics said kept banks from offering crypto services.
Legal observers noted the timing of these moves. “The mood has already changed,” said Katherine Dowling, general counsel at Bitwise. “We’ve seen a flurry of cases dropped or paused—not because regulation is going away, but because we need to rethink how it applies.”
An Opening for Industry Builders
Chris Perkins, president of CoinFund, called Atkins’ arrival a turning point. “Investors are comfortable taking market risk—but not reputational or regulatory risk,” he said. “Now you’re removing that personal liability cloud. It’s a green light for both capital and talent.”
James Gernetzke, CFO of crypto wallet provider Exodus, predicted a revival in crypto IPOs within the next year. “You’ll see it toward the end of the year. It’s coming,” he said.
Still, the optimism comes with caution. Atkins will need to navigate complex legal and policy terrain as the SEC attempts to balance investor protection with the decentralized, borderless nature of digital assets. Custody is only the first in a long list of regulatory gray areas.
What’s Next
Friday’s roundtable was the first in what’s expected to be a series of discussions between the SEC and industry leaders. While no formal policy shifts were announced, the tone of the event was enough to stir optimism among participants.
Atkins, who has advised crypto companies in the past, will need to build consensus both within the SEC and across political lines in Washington. But for the first time in years, the door appears open for a version of crypto regulation that emphasizes clarity over confrontation.
For an industry long exhausted by regulatory uncertainty, that’s a welcome change.
