The new head
of the U.S. Securities and Exchange Commission on Friday said that the age
ncy has stifled innovation for the cryptocurrency sector by fostering “regulatory u
ncertainty” in prior years.
“Market partici
pants engaging in th
is technology deserve clear regulatory rules of the road,” Paul Atkins said in his fir
st remarks since bein
g sworn in as chairman of the agency as chairman earlier this week.
He spoked at the SEC’s c
rypto roundtable, which the Republican leader
ship launched weigh how securities laws may apply to digital assets, an area of ten
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sion between the sector and the agency under previous leadership.
Atkins, who has worked with crypto firms in recent years, has widely bee
n expected to take a softer tack with the industry. T
he agency’s previous chair, Gary Gensler, had targeted what he described as wi
despread noncompliance of the industry with U.S. securities laws.
Even before Atkins’ arrival, the SEC has dramatically shifted its position
on crypto in recent months, seeking to create new regulations for the sector a
nd pausing or altogether walking away from enforcement cases.
When asked about the potential for the SEC to suspend trading of Chinese co
mpanies as trade tensions rise between the world’s two largest economies, Atkins
said that the agency will take action if companies do not abide
by U.S. laws.