SEC Chair Paul Atkins signals sharp shift on digital assets in first public remarks at crypto roundtable

In his fourth day at the job, U.S. Securities and Exchange Commission Chair Paul Atkins said he anticipates "huge benefits" from digital assets and said he plans to work with lawmakers to create a regulatory framework for crypto.

"I look forward to engaging with market participants and working with colleagues in President Trump's administration and Congress to establish a rational fit for purpose framework for crypto assets," said Atkins, who spoke Friday at the SEC's crypto roundtable for the first time in public as chair of the agency.

Atkins also said he expects "huge benefits" from digital assets, including mitigating risk and cutting costs.

Atkins spoke at the crypto task force roundtable, titled "Know Your Custodian: Key Considerations for Crypto Custody" which is the third of five roundtable discussions held over the past few weeks at the SEC's headquarters in Washington.

Atkins was officially sworn in as SEC chairman earlier this week after being nominated by President Donald Trump and later confirmed by the Senate. Atkins founded the consulting firm Patomak Global Partners in 2009, and the firm has clients including banks, crypto exchanges and DeFi platforms, according to its website. He was appointed by former President George W. Bush as an SEC commissioner from 2002 to 2008.

Atkins has said he would make establishing a clear regulatory framework for digital assets a top priority for the SEC. The agency has taken a significantly different approach to crypto compared to years past under the Biden administration.

Former SEC Chair Gary Gensler took a less friendly approach to the crypto industry in asserting that most cryptocurrencies were securities and bringing charges against large crypto platforms for not registering with the agency. Since Gensler's exit in January, the SEC has rescinded controversial crypto accounting guidance, dropped enforcement actions against major crypto industry players and created a crypto task force, which is leading the roundtables.

Atkins took a few digs at the SEC's previous approach to regulating crypto under the Biden administration.

"Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered," Atkins said Friday.

The crypto task force has led two roundtable discussions, with the latest focused on crypto trading.