SEC Chairman Defends Cryptocurrency Self-Custody Rights

At the SEC Regulatory Roundtable, Former Chairman Gensler's Regulatory Stance Criticized
"Cryptocurrency Self-Custody, a Fundamental American Value... Regulation Must Be Cautious"

Paul Atkins, SEC Commissioner, publicly criticized former Chairman Gary Gensler's strict regulatory approach at a cryptocurrency regulation roundtable, advocating for individuals' cryptocurrency self-custody rights.

The meeting was organized by the SEC's cryptocurrency task force team and focused on the theme of 'DeFi and the American Spirit'. Commissioner Atkins pointed out that "under Gensler's leadership, the SEC excessively intervened in the cryptocurrency market, even involving courts, which damaged on-chain technological innovation".

He emphasized that "the right to directly hold cryptocurrencies belongs to fundamental American values" and that "unnecessary intermediary costs and restrictions on on-chain activities like staking can infringe on personal freedom". He also added that staking service regulation cannot continue without congressional approval.

Commissioner Atkins stressed that technologies like self-custody wallets, smart contracts, and decentralized networks are means of realizing individual financial sovereignty, and argued that regulations on such technologies must be approached more cautiously.

After the emergence of new leadership, the SEC has been showing a somewhat retreat from Gensler's approach, including withdrawing some enforcement actions against Coinbase.

Reporter Ha-Yeon Jeong yomwork8824@gmail.com