Today, Paul Atkins, the newly minted Chairman of the Securities and Exchange Commission, testified in front of the House Appropriations Subcommittee on Financial Services and General Government. In prepared testimony, Chairman Atkins delivered remarks to the members that indicated the Commission has now returned to its age-old statutory mission and reinstated a missing element of common sense.
After nearly four years of politically motivated chicanery, which saw the SEC deviate from adhering to its stated mission, Chair Atkins said that “regulation by enforcement” is no longer the norm. And while former Chairman Gary Gensler clearly missed a historic opportunity to be a defining leader of the SEC – one for the history books, Chair Atkins firmly recognizes both his responsibility and opportunity to define the fast-emerging digital asset ecosystem, which will inevitably evolve into the most critical policy changes since the ’40 Act.
Atkins said, “It is a new day at the SEC. I am determined that we return to our core mission that Congress set for us more than 90 years ago.” He assured the subcommittee that he would not stray from the SEC’s mission of enabling capital formation, investor protection, and efficient markets.
He said the “SEC is returning rulemaking to regular order.”
Atkins said a key priority is to foster a rational regulatory framework for the digital asset sector—one that provides clarity and security to enable innovation and investor confidence.
“From 2017 until my nomination, I worked to help develop best practices for the digital assets industry and saw firsthand how ambiguous or nonexistent regulations in this space created uncertainty and inhibited innovation. That lack of regulatory framework also invites fraud. “
The Chairman said he will be working with other regulators and Congress to ensure US leadership in global markets.
“This SEC will make every effort to ensure that the US is the best and most secure place in the world to invest and do business.”
After years of damaging policies and political deviations pursued by his predecessor, Atkins’ words are a breath of fresh air.
