New SEC Chair Says Crypto Deserves Clear Rules

In his remarks presented at the Crypto Task Force Roundtable, SEC Chair Paul Atkins stated that digital assets deserve clear rules. He believes that crypto could offer huge benefits in terms of efficiency and cost reduction. Atkins criticized the previous SEC administration, which was spearheaded by former Chair Gary Gensler, for stifling the cryptocurrency market. As reported by U.Today, Gensler recently spoke about his anti-crypto policies during a CNBC interview, insisting that 99% of all digital assets are based just on sentiment. The new SEC boss has offered some words of praise for Hester Peirce, the pro-crypto commissioner who has been a staunch advocate for "common-sense" crypto regulation. "It's no wonder that she has justly earned the title of 'Crypto Mom," he said. The agency's third crypto roundtable has specifically focused on some challenges surrounding custody rules. Some believe that there should be an alternative custody regime for crypto assets, but there are various issues that have to be tackled. Caroline Crenshaw, the lone Democratic commissioner, has become the agency's anti-crypto dissenting voice. She has argued that existing SEC custody rules are "the gold standard" of investor protection while also warning about various unique risks associated with crypto and blockchain. "Even the most responsible actors need regulatory standards to effectively safeguard customer…Should the rules be any different for crypto assets?" she remarked during the roundtable.