SEC Chairman Paul Atkins: Considering New Regulations for Onchain Trading, Crypto Vaults, and Blockchain Settlement
SEC Chairman Paul Atkins stated that the U.S. Securities and Exchange Commission is exploring the introduction of a new regulatory framework for onchain trading, crypto vaults, and blockchain-based settlement.
This move aims to adapt to the development of the crypto market while balancing innovation and investor protection.
Source: Public Information
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Paul Atkins, appointed by the Trump administration, has previously signaled a crypto-friendly stance. This statement continues his push for "clear regulation rather than prohibition," contrasting with the strict enforcement during Gary Gensler's era, where he emphasized the need to leave room for compliance in DeFi and onchain innovation.
In terms of capital pathways, the SEC is shifting resources from litigation to rule-making, guiding exchanges, custodians, and DeFi protocols to transition their businesses to compliant onchain structures. This aims to accelerate the concentration of funds towards platforms and infrastructures that receive clear regulatory guidance, clearing obstacles for institutional capital to enter the market. At the same time, new regulations will bring onchain activities under federal regulatory oversight, avoiding fragmented state-level chaos.
Similar to the CFTC's expansion of authority in the digital commodity spot market and the EU's MiCA comprehensive framework rollout, U.S. crypto regulation is transitioning from "enforcement-led" to "rules-first + onchain compliance" control.
Essentially, this represents a regulatory shift: through new rule-making, the pricing power is transferred from regulatory gray areas to a clear compliance framework. The mechanism is to provide a clear path for onchain trading, vault custody, and blockchain settlement, allowing capital to accelerate its return from offshore or gray agreements to U.S. domestic platforms, forming a regulated and protected onchain financial infrastructure.
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When regulation shifts from "catching people" to "setting rules," institutional funds will truly dare to enter. The clearer onchain trading becomes, the faster pricing power will dissipate from offshore platforms. When the SEC begins legislating for blockchain settlement, crypto will officially transition from the margins to the core of finance.