Paul Atkins Set to Reshape SEC Crypto Policy, Says Tom Emmer

YEREVAN (CoinChapter.com) — Emmer On April 9, 2025, the U.S. Senate confirmed Paul Atkins as the new SEC Chair with a 52–44 vote. The crypto industry saw the appointment as a shift from Gary Gensler’s enforcement-focused approach to a new direction in crypto policy.

Atkins previously served as SEC Commissioner between 2002 and 2008 under President George W. Bush. After his term, he launched Patomak Global Partners, a firm guiding financial and crypto firms on U.S. regulations. He also co-chairs the Token Alliance, a group under the Digital Chamber of Commerce that sets best practices for digital assets.

Congressman Tom Emmer, House Majority Whip and a long-time crypto policy advocate, reacted on the Crypto in America podcast. He said the new leadership could help reset the SEC’s course on crypto regulation.

Tom Emmer Says Crypto Policy Will Shift Under Paul Atkins

Emmer expects Paul Atkins to return the agency to what he called its original mission—making sure all Americans can access U.S. financial markets, including digital assets.

“I think Paul Atkins will bring the clarity and certainty that we need,”

Emmer said. He added that Congress should define asset classes instead of leaving it to courts.

“I’m sick and tired of hearing about the case law,”

he said.

Atkins’ long history in financial oversight and crypto advisory signals a likely change in how the SEC handles regulation. Emmer noted that a more “light-touch” approach might follow, focusing on support rather than enforcement.

Since 2015, the U.S. Securities and Exchange Commission (SEC) has initiated 171 enforcement actions related to cryptocurrency. Notably, 88 of these occurred during Gary Gensler’s tenure as SEC Chair, beginning in April 2021. ​

Under Chair Gensler, the SEC has increasingly relied on litigation to define its regulatory stance on cryptocurrencies, moving away from issuing clear regulatory guidelines. This approach has led to a broader range of jurisdictions handling crypto-related cases, contrasting with previous administrations. ​

There has been a 5% increase in actions against individuals and a 9% decrease against companies during Gensler’s leadership. Additionally, 92% of these enforcement actions involved registration violations, up from approximately 87% under previous chairs. Critics argue that the SEC has not provided a viable path for crypto entities to register, leading to enforcement actions against firms attempting to comply. ​

The SEC has also increased actions under the Securities Exchange Act of 1934, focusing on crypto platforms allegedly operating as unregistered exchanges, brokers, or clearing agencies. High-profile cases against major exchanges like Coinbase, Kraken, and Binance exemplify this strategy, aiming to assert regulatory authority over the crypto ecosystem.  This enforcement-centric approach has sparked debate about its impact on innovation and the need for clear regulatory frameworks in the cryptocurrency industry.

Emmer criticized that record during the podcast. He said that Gensler’s public claim of openness led to enforcement.

“We need to have clarity and certainty in the system so investors, entrepreneurs, can, you know, take risk and innovate. And what was Gary Gensler doing? He was stopping all of that. He was telling people, my door is open. Bring any idea you got, we’re happy to talk to you about it. Well, if you were naive enough to do that, he usually sued you, or he sent you a letter that you’re under investigation afterward.”

Emmer said.

He said this practice discouraged developers and businesses from communicating with the agency. The lack of clear guidance from the SEC during Gensler’s time has been a frequent industry complaint.

FIT 21 Act Could Advance with New SEC Chair Paul Atkins

In May 2024, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT 21 Act). The bill outlines a legal framework for digital assets, aiming to establish clear definitions and regulatory boundaries. It seeks to determine which federal agencies—such as the SEC or the CFTC—should oversee specific areas of the crypto market, including tokens, trading platforms, and custodians. The legislation also includes provisions to improve market structure, investor protections, and compliance standards for crypto firms. As of now, the Senate has not yet voted on the FIT 21 Act, leaving its future uncertain.

Emmer suggested that Paul Atkins, as the new SEC Chair, could help move the legislation forward. He said that with the backing of the Trump administration, the agency could finally align with Congress on crypto policy.

Atkins’ background in crafting crypto regulation frameworks through his work with the Token Alliance may help in coordinating with lawmakers. Emmer mentioned that proper alignment between the SEC and Congress is critical for progress.

Meme Coins and Gensler’s Mixed Signals Criticized by Emmer

During the hearing, Tom Emmer also discussed Gary Gensler’s statements about meme coins. He said Gensler had previously encouraged their use, then later criticized them during hearings.

“He’s the one that actually empowered the creation of meme coins the way we see it right now,”

Emmer said. He questioned why Gensler allowed them to expand without clear crypto regulation, only to condemn them later.

Emmer added that if regulators want to limit meme coins, they should focus on defining proper rules instead of criticizing market trends. He repeated that regulatory clarity must come from the SEC Chair and Congress together.

In his comments, Tom Emmer emphasized that the confirmation of Paul Atkins is not only a leadership change but a possible reset of U.S. crypto regulation. He said this could help keep crypto businesses in the United States.

Emmer described the SEC under Gary Gensler as limiting access to financial markets for digital assets. He expects Paul Atkins to support a different direction by focusing on transparency and defined policies.

The alignment between Congress, the White House, and the SEC Chair could enable new legislation like the FIT 21 Act to become law. Emmer said such a shift would allow investors and builders to move forward under a clearer system.