SEC Chief Slams Past Crypto Tactics as a Total Flop

Hold onto your hats, folks! SEC Chairman Paul Atkins just threw some serious shade at the agency's old-school crypto strategy, calling it a complete disaster that's trashed market trust.

In a fiery speech straight from the SEC's own site, Atkins tore into the Commission's former game plan—first ignoring crypto like it didn't exist, then swooping in with a heavy hand on enforcement. He said it left everyone in the dark and scared off the good guys trying to play by the rules.

“It was like a total catch-22,” Atkins blasted. “The vibe was, ‘You go figure it out, pal.’ No wonder trust went out the window!”

But don't lose hope yet! Atkins is on a mission to rebuild that trust, ordering the Division of Corporation Finance to start spilling the beans and working closely with market players. He's all in on formal crypto rulemaking, but in the meantime, staff guidance will keep firms from getting lost in the regulatory maze.

SEC and their FinHub

Get ready for a game-changer! Atkins is pushing to weave FinHub—the SEC's brainchild for Innovation and Financial Tech—right into the heart of the agency's ops. Forget its old rep as the enforcement police; FinHub's new mission is to cheer on innovation and tweak the rules to keep up with tech's wild ride.

And brace yourselves for a wild policy twist! Atkins is all for letting registered firms hold and trade both securities and non-securities under one roof. He's calling it the first step toward a mind-blowing “super-app” world, where you can dive into both old-school and digital finance goodies all in one spot.

This speech is the SEC's wake-up call, folks—a bold move to clear up the crypto chaos without killing the innovation vibe.

But hold up, Atkins isn't going rogue. He's keeping it real, staying within the agency's legal lines while using every trick up his sleeve to keep oversight fresh and relevant.

“I'm telling you, we can light a fire under innovation while sticking to our guns,” he declared.