Atkins Calls Crypto Rules "Not a Favor" — Senate Still Hasn't Taken the Hint 🪧

U.S. Securities and Exchange Commission Chairman Paul Atkins pushed back on criticism of the Trump Administration's push for clear crypto market rules, describing recent agency efforts as "historic steps" rather than industry giveaways. Speaking publicly this week, Atkins said the SEC has moved "purposefully" in response to President Trump's directive to make America the crypto capital of the world, framing the work as fundamental market infrastructure. "After years of obscurity, we've delivered long-hauled certainty for digital asset issuers," Atkins said. "This is not a favor to the industry; it's what markets require to function: clear rules for the road without preference."

The SEC's Head of Investment Management, Brian Daly, echoed that stance in a separate interview with Bloomberg, tying the effort to trust-building. "We did a bad job with crypto, broke trust, but we are looking to get back to a good place and make an orderly process to deal with the 200(!) ETF filings they get every month, including novel stuff like prediction markets," Daly said. The agency has issued multiple staff guidance documents covering crypto asset classification, ETF frameworks, and related topics, and has signaled further guidance is in development.

SEC staff guidance alone, however, can be challenged in court because it is not codified law. The agency's planned tokenization innovation exemption has already been delayed on those grounds, and prediction market platforms continue to face legal actions from states and traditional betting operators. Under the CLARITY Act, the SEC and the Commodity Futures Trading Commission would be designated as the principal regulators of the crypto market, with aligned oversight responsibilities.

The CLARITY Act cleared a key committee markup hurdle but has not been scheduled for a Senate floor vote as of writing. The Coinbase-backed advocacy group Stand With Crypto urged action, saying, "Every day without clear rules, innovation drifts overseas. The window is narrow. Tell your Senators to schedule a vote for Clarity." The European Union's MiCA framework is already in force, adding external pressure on U.S. lawmakers to advance a market structure bill.