SEC Chair Paul Atkins: America Is “10 Years Behind” in Crypto Development

The U.S. Looks to Catch Up on Crypto

At a fintech summit in Washington D.C. on October 16, 2025, U.S. Securities and Exchange Commission Chair Paul S. Atkins admitted that the United States is “probably 10 years behind” in cryptocurrency development. He declared that bridging this gap is now the SEC’s top mission—calling it “job one.”

A Shift Toward Innovation, Not Just Enforcement

Speaking at DC Fintech Week, Atkins stressed that the SEC’s role should extend beyond policing markets. He said the agency aims to create a regulatory environment that promotes innovation and draws back entrepreneurs who previously left for more crypto-friendly regions.

Atkins noted that the SEC is evolving into a “securities and innovation commission,” a signal of change from past enforcement-heavy policies. He even proposed an “innovation exemption” that would allow emerging crypto firms to test new ideas under regulatory supervision before facing full compliance requirements.

Integrating Crypto Into the Broader Financial System

Atkins also looked beyond cryptocurrencies and exchanges. He discussed the rise of “superapps” integrated financial platforms that combine payments, investments, and more. According to Atkins, government regulators should coordinate in a similarly seamless way, comparing inter-agency cooperation to the ease of using an app.

His comments reflect a broader goal: to make the United States not just a regulator of crypto but a global hub for its innovation.

The SEC under Atkins appears to be pivoting toward a more balanced approach. Earlier this year, he criticized the agency’s past stance for “stifling” innovation due to regulatory uncertainty. His new direction suggests a stronger emphasis on clarity, collaboration, and fostering a digital asset ecosystem that can compete globally.