SEC Transformation: Can the New Team Bring Changes to the Crypto Market?

In the first half of 2025, the U.S. Securities and Exchange Commission (SEC) underwent a dramatic internal transformation. From top leadership to core departments, a series of personnel adjustments and policy shifts are quietly reshaping the regulatory landscape of the crypto market. This article will delve into the SEC's recent key changes and the potential impact these changes may have on the cryptocurrency industry.

Leadership Changes: A Shift in Regulatory Attitude

In just half a year, the SEC has seen the succession of three chairs: Gary Gensler, Mark T. Uyeda, and Paul Atkins. Unlike Gensler's strict regulatory stance, Uyeda and Atkins are generally considered to have a more open attitude towards the crypto market.

During Uyeda's tenure as acting chair, a series of pro-encryption policies were quickly implemented: the establishment of a dedicated cryptocurrency task force, the repeal of controversial accounting policies, and the creation of a new technology department. These measures demonstrate a clear shift in the SEC's attitude towards the crypto market.

Current chairman Paul Atkins is an "old face" in the crypto circle. He was involved in promoting the establishment of industry standards for token issuance and trading as early as 2017. Reports indicate that Atkins himself holds a significant amount of crypto-related assets. Since taking office, he has repeatedly stated his intention to "return to the fundamental mission of promoting rather than suppressing innovation," which undoubtedly injects a shot of adrenaline into the crypto industry.

Major Restructuring of Core Departments

In addition to the top leadership, the core departments of the SEC have also undergone a major personnel reshuffle. The new heads of key departments such as the Investment Management Division and the Trading and Markets Division come from the encryption industry background, which indicates that the SEC may adopt a more inclusive attitude towards crypto assets.

The changes in the law enforcement agencies are particularly striking. Former Director of the Enforcement Division Gurbir Grewal initiated multiple lawsuits against crypto companies during his tenure. However, since Grewal left in October last year, the SEC's enforcement efforts have noticeably slowed down, even withdrawing lawsuits against several well-known encryption companies.

In addition, the SEC has launched an employee "buyout program," leading to about 10% of employees choosing to leave. This internal streamlining has created space for subsequent restructuring and policy adjustments.

Policies and Actions: From Strict Regulation to Active Dialogue

Under the push of the new leadership, the SEC is gradually adjusting its attitude and policies toward the crypto industry. In the first half of this year, the SEC has held multiple roundtable discussions related to encryption, focusing on core issues such as regulatory frameworks and custody mechanisms.

In terms of specific rules, the SEC has also begun to release positive signals. At the end of May, it issued a policy statement regarding staking activities on PoS networks, providing clearer compliance guidance for staking services. Meanwhile, the approval process for crypto ETFs is also showing signs of acceleration.

Future Outlook

The SEC's series of reforms undoubtedly brings new hope to the crypto market. From high-pressure regulation to proactive dialogue, the SEC seems to be repositioning itself in the role of crypto innovation. However, this does not mean that regulation will completely disappear. On the contrary, we may see a more balanced and constructive regulatory approach gradually taking shape.

For participants in the encryption industry, this is an opportunity to actively engage and collaboratively shape the future regulatory environment. At this turning point, finding a balance between compliance and innovation will be a key challenge facing the entire industry.