Ah, the US Securities and Exchange Commission (SEC) Chair, Paul Atkins, fresh as ever, decided to aim a sharp tongue at the policies of the previous administration. And why not? After all, someone has to clean up the mess left by the last guy. At the SEC’s most recent roundtable event, the talk was all about digital assets. But don’t get too excited—this wasn’t a party for crypto enthusiasts. No, no, this was a serious session, “DeFi and the American Spirit,” as the SEC likes to call it, but with just a hint of sarcasm.
Atkins, with his diplomatic charm, took a jab at former SEC Chair Gary Gensler’s approach to crypto, calling it, well, a little heavy-handed. Apparently, the previous administration thought the way to deal with crypto was through court cases. Brilliant, right? Just bring in the lawyers and make everything more complicated! Atkins then delivered his pièce de résistance: the SEC’s stance on staking as a service provider needs congressional approval for it to have any real authority. And he didn’t stop there. He waxed poetic about self-custody as the great “foundational American value.” Oh, how patriotic!
“I’m all for giving market participants more freedom to keep their crypto assets to themselves,” said Atkins, seemingly channeling the spirit of liberty itself. “Especially when intermediaries just complicate things and create unnecessary fees. Let people stake and do their thing on the blockchain!” Ah, the sweet sound of freedom… just not under the previous regime, apparently.
He didn’t hold back on his criticism. “Unfortunately,” he said, “the prior administration’s regulatory actions threw a wet blanket on innovation. Developers of self-custodial wallets were practically accused of running a brokerage operation. Ridiculous!”
The roundtable was the SEC’s fifth of 2025, a regular affair orchestrated by the SEC’s crypto task force, led by Commissioner Hester Peirce. Previous discussions? Oh, just some light chatter about crypto trading regulations, custody, tokenization, and, of course, whether tokens are securities. Don’t worry, the SEC has no plans to stop anytime soon—just no more events scheduled as of now. So, take a deep breath, folks, and wait for the next round of head-scratching regulations to unfold.
SEC Commissioner Caroline Crenshaw, who may or may not be questioning her life choices, remarked, “These roundtables have given us a lot to think about. While we billed it as a ‘spring sprint towards crypto clarity,’ I’m not sure if we’ve really clarified anything. With such complex issues and high stakes, it’s better to do it right than fast.” Well, isn’t that just the best way to get the ball rolling? Slow and steady wins the regulatory race, I suppose.
SEC’s Bold U-turn Under Atkins: Is Trump’s Shadow Looming?
Now, since Donald Trump waved his golden hand over the White House and Gensler left his post at the SEC in January, things have taken a dramatic turn. The SEC, once a fortress of stifling regulation, now seems to be shifting gears—more lenient, more flexible, dare I say, even… a bit more fun? Well, not exactly fun, but certainly different. In February, they decided to drop an enforcement action against Coinbase after barely two years of courtroom drama. A month later, Ripple’s CEO Brad Garlinghouse had a grin on his face as he announced that the SEC would drop its appeal, following a court’s decision against the firm. A win for Ripple, perhaps? Or just a sign of changing tides?
Oh, but the fun doesn’t end there. With several resignations and terms expiring, both the SEC and the Commodity Futures Trading Commission (CFTC) are about to be short-staffed. But don’t worry, folks! Lawmakers in the Senate Agriculture Committee are scheduled to consider Trump’s nomination of Brian Quintenz as CFTC Chair. Will he be the knight in shining armor the crypto world desperately needs? Time will tell, but it’s shaping up to be a thrilling ride!
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2025-06-10 01:47