Paul Atkins assumed the chairmanship of the U.S. Securities and Exchange Commission on April 21, 2025, and a year into his tenure the agency appears to have shifted its stance on digital assets. After a presidency that promised robust crypto enforcement, the new leadership has signaled a more targeted, regulation-centered approach that many in the market view as providing clearer guardrails for issuers, exchanges and investors alike.

Trump’s 2024 campaign had positioned the SEC as a principal obstacle to crypto policy, vowing to replace Gary Gensler and to pursue a more crypto-friendly agenda. Gensler stepped down in January 2025, with Commissioner Mark Uyeda serving as acting chair until Atkins’ confirmation. Since then, observers…