Paul Atkins, appointed by Donald Trump as chair of the SEC, is moving decisively to reshape the agency’s direction. In contrast to his predecessor, Gary Gensler, who pursued an aggressive enforcement agenda and imposed billions in fines, Atkins is pledging a softer, more predictable regulatory approach. He emphasized that while the SEC will act forcefully against outright fraud and misconduct, businesses should not be blindsided by enforcement actions for minor or technical violations. Instead, he favors providing notice and time to correct issues, arguing this restores fairness, due process, and trust in the regulator.Since taking office, Atkins has overseen the dismissal of several cases against cryptocurrency firms, reflecting his and Trump’s pro-crypto stance. He supports developing new rules that classify most tokens as outside the definition of securities and wants to encourage the trading of tokenized assets—such as shares and bonds—through blockchain technology. His goal is to attract more crypto activity onshore, pointing to the FTX collapse as evidence of the need for strong U.S. regulatory oversight. By shifting away from punitive fines and rigid enforcement, and focusing instead on innovation and clear, consistent rules, Atkins is signaling a major departure from the SEC’s posture under the Biden administration.

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