Atkins was a former SEC commissioner and co-chair of the Token Alliance, and brings a lot of experience from both traditional finance and the digital asset space. His confirmation coincides with a broader push to modernize outdated US securities laws, which was mentioned during a House Committee hearing that placed a lot of emphasis on the need for clear, crypto-specific regulations. Meanwhile, Thailand is also tightening its oversight of digital assets with stricter anti-crime measures targeting foreign platforms and scam-related activities.
Paul Atkins to Lead SEC
Paul Atkins has officially been confirmed as the new chair of the US Securities and Exchange Commission (SEC) after a 52-44 Senate vote that mostly followed party lines. The confirmation on April 9 happened after President Donald Trump nominated the former SEC commissioner and Wall Street consultant late last year. Atkins previously served as a commissioner from 2002 to 2008 during the global financial crisis, and he is expected to usher in a pro-crypto shift at the agency.
Senate vote on Paul Atkins (Source: US Senate)
SEC commissioners welcomed Atkins back to the agency in a joint statement, and they are very optimistic about his leadership. With deep ties to both the financial and digital asset sectors, Atkins brings a wealth of experience to the role. He founded Patomak Global Partners in 2009, which is a firm that focuses on regulatory compliance and risk management, and until late 2024, he served as co-chair of the crypto advocacy group Token Alliance.
Atkins will replace Mark Uyeda, who served as acting chair since Jan. 20 after the resignation of former chair Gary Gensler. Under Gensler, the SEC pursued many very aggressive enforcement actions against crypto firms. In contrast, the Trump administration has already taken a much friendlier stance on digital assets, and even created a Crypto Task Force and dropped several of the Gensler-era investigations.
Senate Banking Committee Chairman Tim Scott is also confident in Atkins' ability to support innovation while providing regulatory clarity. At a Senate confirmation hearing in March, Atkins said that one of his top priorities will be to establish a coherent and principled regulatory framework for digital assets.
However, Atkins’ confirmation was delayed due to the need to file several financial disclosures. These filings were prompted by his marriage into a billionaire family linked to TAMKO Building Products LLC, which is a roofing company that saw over $1.2 billion in revenue in 2023.
Paul Atkins
According to Fortune, Atkins and his wife, Sarah Humphreys Atkins, have a combined net worth of more than $327 million. His disclosures also revealed personal holdings of up to $6 million in crypto-related investments, including stakes in Anchorage Digital and Securitize, which are both key players in the digital asset ecosystem.
Outdated SEC Laws Hold Back Digital Assets
At a House Committee hearing on April 9, legal experts and industry leaders pointed out some of the challenges posed by outdated US securities laws in regulating digital assets. Rodrigo Seira, special counsel at Cooley LLP, testified that the existing regulatory framework under the SEC is fundamentally incompatible with the realities of the crypto industry.
He argued that despite claims that crypto projects can register with the SEC, the experience of numerous companies suggests otherwise. Seira explained that no crypto project has successfully navigated the SEC’s registration process without falling into prolonged legal uncertainty or collapsing under regulatory burdens.
Rodrigo Seira (Source: House Committee on Financial Services)
While acknowledging that crypto promoters who raise funds should be subject to securities laws, Seira criticized the current process, which he said requires projects to operate like traditional public companies. This, he argued, places an unreasonable strain on digital asset ventures that differ quite a bit from traditional securities issuers.
The hearing was titled “American Innovation and the Future of Digital Assets: Aligning the US Securities Laws for the Digital Age,” and also included testimony from WilmerHale partner Tiffany J. Smith, Polygon chief legal officer Jake Werrett, and Alexandra Thorn from the Center for American Progress. The discussion centered on the need to modernize regulations to boost innovation without compromising investor protections.
Representative Bryan Steil, chair of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, opened the hearing by acknowledging that many regulatory barriers were established under the previous administration. He stated that the current administration, under President Donald Trump, is working to reform these laws through new legislation.
Representative Bryan Steil (Source: House Committee on Financial Services)
One such measure, the STABLE Act, was recently advanced by the House Financial Services Committee and aims to regulate US dollar-pegged stablecoins. In the Senate, the GENIUS Act is also moving forward with its focus on reserve requirements and anti-money laundering compliance for stablecoin issuers.
According to Steil, the next major objective is the advancement of comprehensive market structure legislation to clearly define legal categories for digital assets and outline the roles of federal agencies like the SEC and the Commodity Futures Trading Commission (CFTC). Representative Ro Khanna added momentum to the conversation by stating at a recent conference that this long-awaited market structure bill is likely to pass before the end of the year.
Thailand Tightens Grip on Crypto Crime
Other countries are also changing how they approach digital assets. Thailand is stepping up its efforts to combat online crimes involving digital assets through newly approved legal amendments.
On April 8, the country’s cabinet passed a resolution endorsing changes to its emergency decrees on digital asset businesses and cybercrime prevention. These amendments were announced by the Thai Securities and Exchange Commission, and they aim to curb the use of digital assets in illicit activities by implementing tighter regulations and penalties.
Part of the Thai SEC announcement (Source: SEC)
Under the new measures, crypto asset service providers will be required to monitor and report transactions linked to online scams, and suspend suspicious accounts. A key focus is on cracking down on so-called mule accounts that are used in scams. Violators are facing penalties of up to $8,700 and three years in prison. The amendments also grant authorities the power to block foreign crypto service providers from operating in Thailand, which is intended to mitigate some of the risks tied to money laundering and unregulated platforms.
The legal changes are not limited to crypto-focused businesses. Commercial banks, telecom providers, and social media platforms are now also held jointly responsible if they fail to meet standards set by regulatory authorities to prevent cybercrimes. This broadens the scope of accountability and clearly proves that the government is focused on tackling the issue on multiple fronts.
One of the more major aspects of the legislation is the explicit restriction of foreign cryptocurrency peer-to-peer service providers. These platforms are now classified as digital asset exchanges under Thai law and are barred from serving local users. The government wants to confine such services to local providers in order to better manage compliance and reduce vulnerabilities.
Despite these regulatory crackdown, Thailand continues to show interest in fostering controlled crypto adoption. Trials for crypto payments have been launched in select cities like Phuket, and regulators are exploring the possibility of approving crypto exchange-traded funds.
