The U.S. Securities and Exchange Commission (SEC), under the leadership of Paul Atkins, has introduced an ambitious project called Regulation Crypto Assets. This is not just another initiative—it is a direct attempt to bring back crypto companies that have massively left the United States over the past four years. Atkins openly states that the agency's previous policy did not merely slow down the industry but actively pushed it abroad.
In my assessment, the key problem with the previous SEC administration was not the absence of rules, but their excessive rigidity and lack of transparency. Startups needed clear guidelines, but instead received threats of lawsuits. Atkins rightly points out that attempts to fit digital assets into regulations written for the stock market back in the 1930s were doomed to fail. Such an approach did not account for the nature of tokens and only stifled honest projects, depriving them of the ability to raise capital legally.
Pragmatism over patriotism
Atkins does not appeal to slogans. His argumentation is purely pragmatic: in the internet era, investors move funds between jurisdictions in just a few clicks. Prohibitive measures will not stop this flow—they will only redirect it around the U.S. financial system. Creating competitive conditions domestically, he says, is the only way to keep capital under U.S. jurisdiction.
A dual approach: regulatory rules and the CLARITY Act
However, Atkins understands that agency regulations alone are not enough. He is actively lobbying for the passage of the CLARITY Act, which would legislatively codify the division of authority between the SEC and the CFTC. Only federal law can ensure the stability of rules, protected from repeal when the regulator's leadership changes. This is a critically important step toward creating a predictable environment in which businesses can plan their growth years in advance.
Atkins views both processes—the SEC's internal reforms and legislative work with Congress—as parts of a unified strategy to reclaim lost ground. The question is whether there will be enough political will and time to implement this agenda before the next elections.
My comment: Atkins's initiative is a long-awaited shift from a policy of intimidation to dialogue with the industry. However, the market has already learned to live without the United States, and simply softening the rhetoric is unlikely to bring back the companies that left. The decisive factor will be the passage of the CLARITY Act: without a legislative foundation, any regulatory concessions will remain temporary and dependent on the personality of the SEC chair.