Paul Atkins marks one year as SEC Chairman this week, and the scorecard reads like an industry wish list fulfilled. Enforcement actions against crypto companies dropped to a 10-year low. Multiple crypto ETFs were approved. A joint SEC-CFTC interpretive release declared that most token categories are not securities. And a formal “Reg Crypto” proposal is now one step from publication, sitting with the White House for final sign-off. But the one area where Atkins has not delivered clarity is also the fastest-growing: prediction markets.
Dropped Cases, New ETFs, and a Token Taxonomy
The shift began before Atkins was even confirmed. Acting Chair Mark Uyeda launched a Crypto Task Force led by Commissioner Hester Peirce and started dropping enforcement actions, beginning with Coinbase in February 2025. Atkins accelerated that trajectory once he took office.
Over 12 months, the SEC approved exchange-traded funds tied to multiple crypto assets, signed a memorandum of understanding with the CFTC on digital asset coordination, and published a landmark interpretive release that classified digital assets into five categories under the Howey test. Four of those five categories, including blockchain-native tokens, gaming tokens, collectibles, and stablecoins, were declared outside the securities laws.
Atkins framed the approach through what he calls the A-C-T framework: Advance, Clarify, and Transform. At the Digital Asset Summit in March 2026, he described the prior administration’s approach as a “misguided regulation-by-enforcement campaign” that drove innovation offshore. His stated goal is to “increase the cost of fraud and manipulation, not the cost of compliance itself.”
The regulatory pipeline continues. Reg Crypto, a formal proposal addressing startup exemptions, fundraising disclosures, and safe harbors for token distributions, is currently with the White House Office of Information and Regulatory Affairs. Atkins said at a Nashville crypto event on April 6 that the proposal is close to publication. A second rulemaking to amend the Securities and Exchange Act of 1934 for crypto trading on exchanges and alternative trading systems is also expected.
Prediction Markets Expose a Jurisdictional Gap
The one topic where Atkins has offered concern rather than clarity is prediction markets. In a February Senate Banking Committee hearing, Atkins called prediction markets a “huge issue” and said both he and CFTC Chairman Michael Selig are focused on the sector.
The problem is jurisdictional. Prediction market platforms like Kalshi and Polymarket have grown rapidly since the 2024 election cycle, attracting billions in volume. But it remains unclear whether these contracts fall under SEC or CFTC authority. Selig has directed the CFTC to file an amicus brief asserting jurisdiction over event contracts, while the SEC has signaled it wants tighter oversight over platforms that may function as unregistered securities venues.
The tension extends beyond turf. Reports of insider trading on prediction market platforms have drawn attention from Congress, where lawmakers have introduced legislation aimed at restricting politically-related wagers. Both agencies say they are meeting weekly, but no formal framework has emerged.
Democrats Push Back on the Enforcement Retreat
Not everyone views Atkins’ first year as a success. Congressional Democrats have pointed to the SEC’s enforcement record as evidence of regulatory capture.
Senator Elizabeth Warren accused Atkins of misleading Congress in an April 15 letter, citing SEC data showing the agency had fewer enforcement actions in fiscal year 2025 than at any point in the previous decade. Representative Maxine Waters pressed Atkins during a February House Financial Services Committee hearing about the paused enforcement case against Justin Sun and his Tron Foundation, highlighting Sun’s ties to the Trump family’s World Liberty Financial.
The departure of Margaret Ryan, the SEC’s Director of Enforcement, after just six months in the role added fuel to the criticism. Reports indicated Ryan left after the Division faced resistance from senior appointees when pursuing cases against parties with ties to the administration. Acting Director Sam Waldon has since emphasized continuity, signaling a focus on quality over quantity and a measured approach to non-fraud cases.
The Road Ahead: Bitcoin Conference and Reg Crypto
Atkins will become the first sitting SEC Chairman to speak at the Bitcoin Conference when he takes the stage at The Venetian in Las Vegas on April 27-29. The appearance signals how far the agency’s posture has shifted in 12 months.
The practical impact of that shift will depend on two things: whether Reg Crypto survives the White House review process intact, and whether Congress passes comprehensive market structure legislation before potential political headwinds from the 2026 midterms. Atkins himself acknowledged the stakes at his Nashville appearance, urging the crypto community to stay politically engaged. The Clarity Act has passed the House but remains before the Senate, with its outcome still uncertain.
For the crypto industry, Atkins’ first year delivered the regulatory reset it spent years requesting. The question now is whether these changes survive beyond the current administration, or whether they remain executive-level guidance that a future SEC chair could reverse.
