New SEC's harsh criticism of Gary Gensler's era: "They chopped it up"

The SEC (Securities and Exchange Commission) of America held its 6th and new meeting of the Crypto Task Force it established this year yesterday, with the meeting led by Chairman Paul Atkins. The title of this SEC meeting was “DeFi and the American Spirit.”

“It is a fundamental American value”

Atkins once again demonstrated that the institution has completely moved away from its old management style with his speech at this meeting. Particularly emphasizing the importance of personal custody rights, the SEC chairman stated:

“The right of individuals to self-custody of their private property is a fundamental American value, and this right should never be lost when connecting to the internet. Especially in an environment where intermediaries create unnecessary costs, investors can lose their chances to participate in staking and other on-chain activities. For this reason, I advocate for the flexibility of opportunities regarding personal custody. The previous administration has actually undermined the chances of innovation in the custody space with its interpretation that developers could act as intermediaries and therefore must comply with SEC rules.”

“100-year-old rules do not bring innovation”

Atkins criticized the SEC’s rules, especially those regarding securities, which date back to the 1930s, without going into much detail:

“Centuries-old rules are not suitable for rapidly evolving technologies and restrict the potential these technologies offer. Regulatory bodies should support and facilitate adaptation rather than stifling innovation. Crypto technology can bring significant changes to the financial system. Therefore, we should not fear the future.”

Published: June 10, 2025 15:00 Last Updated: June 10, 2025 15:22