US Securities and Exchange Commission (SEC) Chair Paul Atkins appeared before lawmakers in one of his first hearings since taking the reins at the financial regulator, addressing questions about his plans for the cryptocurrency industry.
In a May 20 hearing discussing oversight of the SEC, Atkins reiterated his pledge to make regulating digital assets a “key priority” while chair. In response to questions from North Carolina Representative Chuck Edwards, the SEC chair did not directly answer how much of the regulator’s funds were used to support the crypto task force headed by Commissioner Hester Peirce, and said its findings were “still under development.”
“We should be having something here in the next few months with proposed steps forward,” said Atkins, referring to the task force’s first report.
Atkins’ appearance at the oversight hearing was one of his first since being sworn into office in April. Nominated by US President Donald Trump, Atkins, also a former commissioner, was seen by many lawmakers and those in the digital asset industry as someone who could radically change the SEC’s approach to crypto.
Looking to Congress for help with regulatory clarity
Atkins’ remarks came less than 24 hours after US senators voted to move forward on consideration of a bill to regulate stablecoins, the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act. The bill is one of many related to aspects of digital assets that could affect how the SEC regulates the industry alongside agencies like the Commodity Futures Trading Commission (CFTC).
“Whatever happens in Congress […] that will help undergird what we do,” said Atkins.
Related: Paul Atkins: ‘Crypto markets have been languishing in SEC limbo’
Since being sworn into office in April, the SEC chair has given opening remarks and overseen the commission’s roundtable events on digital assets. The next event, scheduled for June 9, will have SEC commissioners and industry leaders discuss issues related to decentralized finance.
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