SEC Chair Paul Atkins Says Crypto Deserves Clear Regulatory Rules, Praises 'Crypto Mom' Hester Peirce's Efforts

New Securities and Exchange Commission Chair Paul Atkins indicated a friendlier approach toward cryptocurrency during his tenure on Friday, highlighting the need for a clear regulatory policy to help the industry thrive in the U.S.

What Happened: During the cryptocurrency task force roundtable, Atkins emphasized the significance of blockchain technology in modernizing the financial system, predicting it to enhance efficiency, reduce costs, increase transparency, and mitigate risks.

“Market participants engaging with this technology deserve clear regulatory rules of the road,” Atkins said. “Innovation has been stifled for the last several years due to market and regulatory uncertainty that, unfortunately, the SEC has fostered.”

He expressed his enthusiasm to collaborate with market participants, President Donald Trump's administration, and Congress to create a “rational, fit-for-purpose” regulatory framework for crypto assets.

Atkins also expressed his appreciation for Commissioner Hester Peirce’s persistent advocacy for a logical cryptocurrency policy in the U.S., saying the nickname “Crypto Mom” was well-deserved.

See Also: SEC Zooms In On Nayib Bukele-Led El Salvador’s Crypto Regulation Model

Why It Matters: Atkins was sworn in as the 34th SEC chairman earlier this week, much to the delight of cryptocurrency supporters, including Strategy Inc. (NASDAQ:MSTR) Chairman Michael Saylor, who viewed the leadership change as “good” for Bitcoin (CRYPTO: BTC).

Atkins' stance on cryptocurrency regulation marks a departure from his predecessor, Gary Gensler, who saw much of the crypto sector as potentially violating registration requirements. 

However, his ties with the cryptocurrency industry have raised concerns. Sen. Elizabeth Warren (D-Mass.) questioned him on his involvement with the bankrupt cryptocurrency exchange FTX, potentially causing a conflict of interest scenario.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.