SEC is seeking to regain crypto ground following 'missed opportunity,' Chairman Atkins says

The U.S. Securities and Exchange Commission is working to regain momentum on crypto oversight after what Chairman Paul Atkins described as a "big missed opportunity" under the prior administration.

On Friday, Atkins criticized the agency under former Chair Gary Gensler and said the SEC hadn't tried to adapt to innovations during a fireside chat at the University of Texas.

"This has been a big missed opportunity for the United States that we're quickly … trying to make up time for," Atkins said.

Under Gensler, the SEC took a more cautious — and enforcement-heavy — stance toward crypto, asserting that many digital assets were securities and bringing numerous cases against firms, largely over registration violations.

Since the start of the Trump administration, however, the SEC has adopted a more industry-friendly posture. The agency established a crypto task force, dropped numerous enforcement cases against big industry players, and embarked on "Project Crypto" to modernize its rules. 

While Atkins noted that individual cryptocurrencies may rise and fall, he expressed particular enthusiasm for the broader potential of distributed ledger technology, especially in payment clearing and settlement systems.

Earlier this week, the SEC granted WisdomTree exemptive relief for the 24/7 trading and instant settlement for its WisdomTree Treasury Money Market Digital Fund — marking a first in the U.S.

"We've approved tokenized money market mutual funds, and to come will be tokenized bank deposits," Atkins said.