President Donald Trump’s pick to run the U.S. Securities and Exchange Commission (SEC) says that the lack of regulatory clarity stymies the growth of the crypto industry.
During his nomination hearing before the Senate Banking Committee on March 27th, Paul Atkins said that he has witnessed how regulations impact markets and investors.
“Since 2017, as I have led industry efforts to develop best practices for the digital asset industry, I have seen how ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation.”
To address the challenges stemming from the absence of clear rules for digital assets, Atkins said he will work to establish a regulatory framework for crypto.
“A top priority of my chairmanship will be to work with my fellow Commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”
Atkins, who also served as the SEC’s chair from 2002 to 2008 under then-President George W. Bush, said the implementation of regulations is also crucial.
“It is one thing to write a regulation, quite another for it to achieve its intended goal. Regulation ideally should be smart, effective, and appropriately tailored within the confines of the regulator’s statutory authority. In short, clear rules of the road benefit all market participants.”
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