After Paul Atkins took over as head of the SEC in April 2025, the approach to the crypto market began to change. This became noticeable quite quickly, especially compared to how the regulator acted under Gensler.
Even during the 2024 campaign, Donald Trump openly said he wanted to change the leadership of the SEC. This was one of his signals to the crypto industry. At that time, he also mentioned the idea of a national reserve in bitcoin and opposed a digital dollar.
When Trump won the election in November, Gensler soon left. In January 2025, he resigned, and Mark Uyeda temporarily headed the SEC. He led the commission until the Senate confirmed Atkins.
SEC Chair Paul Atkins live on CNBC Squawk Box, April 20, 2026. Source: CNBC
Even before Atkins was officially appointed, it was clear the course was starting to change. Under Uyeda, the SEC created a separate working group on cryptocurrencies, headed by Commissioner Hester Peirce. At the same time, the regulator began winding down some investigations and lawsuits against crypto companies. This included the case against Coinbase, which was closed as early as February.
In a year under Atkins, the SEC noticeably changed its tone. The regulator put less pressure on crypto companies through the courts and talked more about clear rules for the market.
At the same time, the SEC approved several ETFs for different crypto assets and agreed to coordinate with the CFTC, which is also responsible for part of the digital asset market. Another important step was clarification on the status of cryptocurrencies. According to it, most coins should not automatically be considered securities under federal law.
“The year flew by quickly, but I think we made significant progress. When I came to the SEC, I promised a new approach. And we launched it. We moved away from the old model, where the crypto market was regulated through lawsuits, pressure, and opaque decisions,” Atkins said in an interview with CNBC.
SEC Chair Faces Criticism From Democrats
Within the industry itself, Atkins’ course is generally seen positively, but among Democrats in Congress, criticism is growing. They are concerned about a possible conflict of interest, especially amid closed cases against companies linked to Trump and his associates.
Last week, Senator Elizabeth Warren stated that the head of the SEC may have misled Congress during testimony in February.
In her letter, she referred to internal SEC data for the 2025 fiscal year. According to it, the number of enforcement actions was the lowest in the past ten years.
The Market Waits to See if the SEC’s New Course Will Hold
Now the main question for the industry is how sustainable these changes will be. So far, the SEC‘s policy looks softer, but much depends on the political climate and decisions by Congress.
Some experts believe that the current approach could give the market a breather and stimulate industry development in the U.S. Clearer rules and reduced pressure from the regulator could attract new capital and bring back companies that previously left for other jurisdictions.
But there is also a downside. Criticism from Democrats may intensify, especially if new grounds for investigations arise. In that case, the SEC‘s course could change again.
For now, the market sees Atkins’ actions as a signal that the authorities are ready to meet the crypto industry halfway. The only question is how long this turnaround will last.
In the coming months, much will become clearer. If the SEC continues moving in the same direction, the market may get more stable and predictable conditions for growth. But if pressure from politicians increases, the regulator will have to balance between the interests of the industry and the demands of Congress. Whether this turnaround becomes a long-term trend or remains a temporary respite depends on this.
