In a bold move towards fostering innovation in the crypto market, SEC Chairman Paul Atkins declared a shift from enforcement-based regulation to establishing clear regulatory frameworks through rulemaking processes. Atkins emphasized this ‘new day’ for the SEC, stating that it’s crucial to stay ahead of blockchain technology advancements and adapt regulations accordingly. This change will allow the US to become the global hub for crypto asset development. The SEC Chair compared the transition from traditional to blockchain-based securities to the digital revolution in music and how it transformed markets. He pointed out that tokenization, a key focus of the roundtable discussion, has the potential to enhance liquidity, automation, and new applications within the financial industry. The discussion included three main focus areas: issuance, custody, and trading. Atkins acknowledged the limited use of registered offerings for crypto assets and expressed commitment to developing clearer guidelines and potentially establishing new registration exemptions for token issuers. He also outlined plans to provide more options for crypto custody, including revisiting existing “qualified custodian” requirements and exploring self-custody solutions. Additionally, he supported broader trading options, such as ‘super apps’ that combine securities and non-securities trading and modernizing regulations on Alternative Trading Systems. Atkins emphasized the past approach of regulation through enforcement as hindering innovation. He pointed out outdated forms like the S-1 which may not apply to crypto assets and called for adaptability in regulatory frameworks. The SEC Chair concluded by calling for cooperation with President Trump’s administration and Congress to make the United States a leader in crypto asset markets, specifically aiming for the ‘best place in the world’ designation. The final roundtable on DeFi and its role in American spirit is scheduled for June 9.