Paul Atkins, the newly appointed Chair of the U.S. Securities and Exchange Commission, announced plans to modernize SEC rules and forms to better accommodate the registration and regulation of crypto assets. Speaking at an agency roundtable, Atkins identified the development of a rational regulatory framework for crypto markets as a key priority of his term. He emphasized the commission's broad authority under existing securities laws to move forward independently of Congress, stating that clear rules are needed for crypto asset issuance, custody, and trading. On issuance, Atkins said the SEC will encourage registration by clarifying which assets are exempt from securities laws and by providing sensible guidance for those subject to investment contract rules.
In terms of custody, Atkins signaled support for expanding options for registrants to hold digital assets, including the potential for self-custody by advisors and funds under specific conditions. He also called for reviewing and possibly updating the definition of “qualified custodians” and granting exemptions to accommodate industry practices. On trading, Atkins advocated for allowing registrants to trade a wider range of digital products, including both securities and non-security tokens. The SEC's efforts come as Congress works on broader crypto legislation, but Atkins made clear that the commission is prepared to act under its existing authority.
