US Securities and Exchange Commission (SEC) Chair Paul Atkins, recently unveiled a new initiative called “Project Crypto,” aimed at transforming the country into the “crypto capital of the world,” in line with President Donald Trump’s promises to the industry.
During his address, Atkins outlined several priorities for the SEC, including the development of “clear and simple rules of the road” for various crypto activities, such as custody and trading. He also proposed allowing exchanges to evolve into “super-apps,” which would enable them to provide a wider array of services to users.
Atkins also highlighted the SEC’s goals of bringing crypto activities back to the US, modernizing custody requirements for digital asset holders, and encouraging experimentation with innovative technologies, such as the tokenization of equities.
Under Gensler, the SEC aggressively pursued enforcement actions against leading crypto firms like Binance, Coinbase and Gemini, arguing that they were operating outside established securities laws and posed risks to consumers.
In response to Gensler’s policies, the crypto sector mobilized significant resources to support pro-blockchain candidates in the elections, including Donald Trump, who has promised to appoint officials friendly to digital assets.
Atkins, a former SEC commissioner and advisor to digital asset projects, is seen as a key figure in this shift toward a more accommodating regulatory environment.
Before even taking office, Atkins had already begun to reverse some of Gensler’s actions, a move led by Commissioner Hester Peirce, known as “crypto mom” for her supportive stance on the industry.
Despite these positive developments, critics remain cautious. Some Gensler supporters warn that a relaxed regulatory framework could lead to a resurgence of fraud and market collapses akin to those seen during earlier boom-and-bust cycles.
Dennis Kelleher, CEO of the consumer advocacy group Better Markets, expressed concern that under Atkins, the interests of large financial firms may be prioritized over investor protections.
Featured image from DALL-E, chart from TradingView.com
