One Year In, SEC Chair Atkins Shifts to Pro-Crypto Policy

Paul Atkins was sworn in as chair of the U.S. Securities and Exchange Commission on April 21, 2025. During his first year, the agency reduced several enforcement efforts in digital assets, approved multiple exchange-traded funds tied to crypto, issued interpretive guidance on token classification and signed a memorandum of understanding with the Commodity Futures Trading Commission on digital-asset oversight.

Atkins succeeded Gary Gensler following Gensler’s January 2025 departure after the 2024 presidential election. Before Atkins’s confirmation, the agency’s acting chair established a crypto task force and the SEC began winding down some civil enforcement matters and investigations, including a high-profile action involving Coinbase in February 2025.

The SEC closed or de-emphasized a number of enforcement matters during Atkins’s first 12 months. The agency approved several ETFs that allow investors to gain exposure to crypto assets without holding tokens directly. The interpretive notice published by the SEC clarified factors the agency will use to assess whether particular digital assets meet the legal test for securities. The MOU with the CFTC sets procedures for information sharing and coordination on derivatives, spot markets and investigations of market misconduct.

Some industry groups and crypto firms said the changes reduced legal uncertainty for token issuers, exchanges and investors. Market participants gained new regulated investment options through the ETF approvals.

Atkins commented in a recent interview that the agency has moved away from relying primarily on enforcement to shape market behavior and toward clearer guidance and coordinated rulemaking. He said, “A year goes by quickly, but we’ve made huge progress. I promised a new day at the SEC when I came aboard, and we have.”

Democratic lawmakers have pressed the SEC for documents and briefings about dropped investigations. Sen. Elizabeth Warren, in a letter dated April 15, 2026, accused the chair of providing misleading testimony to Congress in February and cited the agency’s fiscal 2025 data showing fewer enforcement actions than at any point in the previous decade.

The agency’s fiscal 2025 enforcement totals show a decline in recorded actions compared with prior years, according to SEC data. Multiple congressional Democrats have requested further details about decision-making on enforcement priorities and specific probes that were closed or reduced.

Industry participants, investors and lawmakers continue to monitor the SEC’s interpretive guidance, interagency coordination and approvals as the agency carries out its regulatory agenda for digital assets.