SEC Chair Reaffirms Digital Asset Regulation as a Priority at First Congressional Oversight Hearing
Paul Atkins, newly appointed Chair of the U.S. Securities and Exchange Commission (SEC), told lawmakers on May 20 that the agency’s Crypto Task Force will release its first report “within the next few months”, outlining potential next steps for regulating the digital asset sector.
The task force, led by Commissioner Hester Peirce, was launched the day after President Donald Trump’s inauguration in January, signaling the administration’s renewed commitment to reshaping the U.S. crypto regulatory framework.
“We should be having something here in the next few months with proposed steps forward,” said Atkins, responding to a question during a House oversight hearing.
Funding Details Remain Unclear
During the hearing, North Carolina Representative Chuck Edwards asked how much SEC funding had been allocated to the crypto task force. Atkins declined to give a direct answer, stating that the task force’s “findings are still under development.”
The task force is expected to address key issues including:
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Token classification and market structure
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DeFi and exchange oversight
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Stablecoin coordination with other agencies
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Consumer protection in digital asset trading
A New Direction for Crypto Regulation
Atkins, a former SEC commissioner, was sworn in as Chair in April and is widely regarded as more crypto-friendly than his predecessor, Gary Gensler. His appointment has raised expectations among industry participants that the SEC may finally provide clearer rules for token issuers, decentralized protocols, and financial institutions engaging in digital asset markets.
Atkins emphasized that digital asset regulation would be a “key priority” for the Commission during his tenure.
“Whatever happens in Congress […] that will help undergird what we do,” Atkins told the panel, pointing to the importance of legislative support for building long-term regulatory clarity.
GENIUS Act Signals Congressional Momentum
Atkins’ testimony came less than a day after the U.S. Senate voted to advance the GENIUS Act, a bipartisan bill designed to regulate stablecoins. If passed, the legislation would define the boundaries for permitted payment stablecoin issuers and could influence the SEC’s oversight role.
The SEC is expected to collaborate with the Commodity Futures Trading Commission (CFTC) and other federal bodies as part of a multi-agency approach to shaping the digital asset landscape.
Final Thoughts: A Crucial Few Months Ahead
The upcoming release of the Crypto Task Force report could mark a pivotal moment in the U.S. crypto policy landscape. Under Atkins’ leadership, the SEC appears poised to soften its enforcement-heavy stance in favor of clearer, more collaborative frameworks.
As lawmakers and regulators align on digital asset legislation, market participants are hopeful that the coming months will finally provide the regulatory clarity needed to unlock further institutional adoption and innovation in the U.S. crypto space.
