One Year of Paul Atkins at SEC: Crypto Regulation Shift from Enforcement to Support

Paul Atkins was sworn in as chair of the US Securities and Exchange Commission (SEC) on April 21, 2025, marking a significant shift in the agency's approach to digital asset regulation. The change represents a dramatic departure from the leadership of former chair Gary Gensler during the Biden administration, who was known for aggressive enforcement actions against crypto companies.

During his 2024 presidential campaign, Donald Trump made removing Gensler one of his promises to the crypto industry, along with creating a national Bitcoin stockpile and opposing the issuance of a US central bank digital currency. His November 2024 election win led to Gensler's resignation in January 2025 and the appointment of SEC commissioner Mark Uyeda as acting chair until the Senate could confirm Atkins as Trump's pick to lead the agency.

Even before the Senate voted to confirm Atkins, the SEC was already signaling a change in crypto regulation and enforcement under Trump. Uyeda oversaw the creation of an SEC crypto task force headed by Commissioner Hester Peirce, and the agency began to drop civil enforcement actions and investigations into crypto companies, starting with Coinbase in February.

The first 12 months of Atkins' chairmanship has seen the SEC push policies and approaches to regulation widely viewed as favorable to the crypto and blockchain industry. In addition to wrapping up enforcement actions, the regulator has approved multiple exchange-traded funds tied to various crypto assets, signed a memorandum of understanding with the Commodity Futures Trading Commission (CFTC) over coordination on digital asset regulation, and issued an interpretative notice on not treating most cryptocurrencies as securities under federal law.

"A year goes by quickly, but we've made huge progress, I think," said Atkins in a Monday CNBC interview. "I promised a new day at the SEC when I came aboard, and we have. We've pivoted from the old practice of regulation through enforcement and the opaqueness of the agency, as, for example, with crypto."

While many in the crypto industry have lauded Atkins' approach to digital assets since taking office, Congressional Democrats have criticized the SEC and chair for potential conflicts of interest following dropped investigations and enforcement actions against companies tied to Trump and his family. Last week, Massachusetts Senator Elizabeth Warren accused the SEC chair of misleading Congress in his testimony before a House committee in February. Warren said in an April 15 letter that the SEC's own data from the 2025 fiscal year showed the agency had fewer enforcement actions than at any point in the previous 10 years.