While noting that SEC staff—under Commissioner Hester Peirce’s leadership of the agency’s Crypto Task Force—have offered more guidance over the past year than in the previous decade, Atkins argued that durable reform ultimately requires bipartisan legislation.
As lawmakers continue their work, Atkins said the SEC intends to collaborate closely with the Commodity Futures Trading Commission (CFTC) to bridge the gap until legislation is enacted. He and CFTC Chairman Mike Selig plan to coordinate through a joint initiative known as Project Crypto.
The agencies are also considering tailored exemptions that could allow market participants to transact directly on blockchain networks, a move aimed at accommodating innovation while maintaining oversight.
Atkins Signals Regulatory OverhaulBeyond digital assets, Atkins used his testimony to signal a broader reassessment of existing regulatory systems. He announced that he has directed SEC staff to conduct a comprehensive review of the Consolidated Audit Trail (CAT), the market surveillance system launched in November 2016.
Throughout his remarks, Atkins reiterated his broader regulatory philosophy. He said oversight should be intelligent, effective, and carefully tailored within the SEC’s statutory authority.
In his view, the existing framework has at times made the path to becoming a public company more restrictive and expensive, layering on requirements that may create more friction than benefit.
Ethereum (ETH) has followed suit, mirroring BTC’s price action and currently trading at around $1,916 per token. Consequently, the total market capitalization has plummeted to nearly half of its October highs, currently valued at $2.23 trillion.
Featured image from OpenArt, chart from TradingView.com
