The Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, has presented the long-awaited draft Regulation Crypto Assets. In his initiative, he sees not just a set of rules, but a strategic tool for bringing back crypto companies that have massively left the U.S. jurisdiction over the past four years. This statement marks an attempt at a radical revision of the agency's regulatory philosophy.
Abandoning "Enforcement-First" Regulation
Atkins stated outright that the exodus of crypto projects from the country was provoked not by vague rules, but by their excessively harsh application. In his assessment, the previous SEC administration bet on enforcement, which effectively "strangled" honest capital raising for startups. Entrepreneurs needed clear instructions, not years-long litigation.
The key complaint of the new leadership is the attempt to fit digital assets under securities laws written back in the 1930s. According to Atkins, this approach not only failed to account for the specifics of tokens, but actively harmed capital inflow, creating an illusion of accessibility while registration was practically impossible.
"In reality, this approach only harmed capital inflow into this asset class — through enforcement regulation and insincere calls to 'come and register,'" the SEC Chairman emphasized in an official statement.
Global Competition for Capital
Atkins stresses that his position is devoid of patriotic rhetoric and is built on pure pragmatism. In the internet age, investors can move funds between jurisdictions in a few clicks. The question is stark: either the U.S. creates attractive conditions for working with digital assets, or capital will continue to flow abroad, where regulators have already offered clear rules of the game.
"We cannot fool ourselves: American investors in the internet age can send money anywhere. We need to create conditions so they can do it in the U.S. under American laws," notes Paul Atkins.
Legislative Foundation and Institutional Support
However, Atkins does not believe that new SEC rules alone will be sufficient. He is actively lobbying for the passage of the CLARITY Act, which would establish a clear division of powers at the federal level between the SEC and the Commodity Futures Trading Commission (CFTC). In his view, only a law passed by Congress will create durable norms that cannot be overturned with the arrival of a new administration. The regulator's head views both processes — his own rulemaking and the legislative initiative — as parts of a unified movement to bring capital back to the country.
My take: Atkins' initiative is a belated but extremely necessary acknowledgment that the policy of "regulation through enforcement" has failed. However, the success of this plan will depend not only on the SEC's goodwill, but also on the speed of lawmakers. Without the CLARITY Act, the market will remain hostage to political circumstances, and promises of "open doors" risk remaining just a declaration of intent.