Paul Atkins assumed the role of chair of the Securities and Exchange Commission (SEC) on April 21, inheriting a substantial backlog of over 70 crypto exchange-traded fund (ETF) applications. These applications await decisions that could significantly influence the regulation of digital assets in the United States.
The filings include spot ETFs for cryptocurrencies like XRP and SOL, submitted by numerous asset managers. Atkins has expressed intentions to implement crypto-friendly reforms and ease regulatory burdens, potentially signaling a shift from the SEC's previous enforcement-focused approach.
The SEC has recently withdrawn from certain enforcement actions against crypto companies, further suggesting a change in regulatory strategy under the new leadership. The industry anticipates that Atkins' tenure could lead to a more collaborative environment for crypto firms, though regulatory scrutiny is expected to continue.