New SEC Boss to Break Silence on Crypto—Will Paul Atkins Usher In a Pro-Bitcoin Era?

All eyes are on Paul Atkins, the newly appointed Chair of the U.S. Securities and Exchange Commission (SEC), as he prepares to make his first public statement on cryptocurrency regulation at the highly anticipated “Know Your Custodian” roundtable on April 25, 2025. His remarks could mark a major turning point in U.S. crypto policy—especially as the industry eagerly hopes for regulatory clarity and pro-innovation guidance.

Atkins’ first appearance will be closely watched not only by Wall Street, but also by venture capital firms, crypto-native companies, and digital asset custodians navigating a regulatory environment that has long been criticized as ambiguous and hostile.

SEC Roundtable: A New Tone for Crypto?

Event Overview: What, When, and Who’s Watching

The SEC’s crypto custody roundtable will be held on April 25, 2025, from 1:00 PM to 5:00 PM ET, under the official title:

“Know Your Custodian: Key Considerations for Crypto Custody.”

The event will include two panel discussions and feature major players from the institutional finance and digital asset sectors.

Confirmed participants and moderators include:

• Paul Atkins, SEC Chairman

• Richard Gabbert, Chief of Staff & Senior Advisor, SEC Crypto Task Force

• Zach Zweihorn, Moderator (Davis Polk & Wardwell)

• Terrence Dempsey, Fidelity Digital Asset Services

• Copper Technologies Ltd.

• Additional executives from registered broker-dealers and custodians

Atkins is expected to deliver opening remarks alongside Gabbert, signaling his first official policy tone on crypto regulation.

What’s at Stake: Crypto Custody Rules Under Scrutiny

Why This Session Matters for the Industry

At the core of the roundtable is the issue of custody for digital assets—a regulatory gray zone in the U.S. that has frustrated institutional investors and crypto firms alike.

There are two key panels set for the event:

1. Custody Through Broker-Dealers and Beyond

Exploring how digital assets are held by broker-dealers and what frameworks are emerging to ensure both security and compliance.

2. Investment Adviser and Investment Company Custody

Focusing on how funds, registered investment advisers (RIAs), and mutual funds can manage crypto custody under current and future SEC guidelines.

Why Custody Is Critical:

• Institutional Access: Qualified custody is a prerequisite for institutional involvement in crypto markets.

• Risk Management: As assets shift on-chain, the ability to hold, audit, and protect them becomes essential.

• Regulatory Gaps: Existing SEC rules were designed for traditional securities—not decentralized, programmable assets.

“There are only a few qualified custodians capable of handling crypto assets today,” said Justin Browder, partner at Simpson Thacher, highlighting the bottleneck for adoption.

A Series of Strategic Crypto Sessions

Building on April’s Crypto Trading Roundtable

This custody discussion is the second in a broader series hosted by the SEC to address crypto market structure. It follows the April 11 roundtable on crypto trading, which centered on market integrity, investor protections, and digital exchange oversight.

The SEC has also scheduled two more critical sessions in the coming months:

• 🗓️ May 12, 2025 — Tokenization Roundtable

• 🗓️ June 6, 2025 — DeFi and Decentralization Roundtable

This serialized approach signals that the agency may be moving toward comprehensive crypto policy reform, segmenting the digital asset ecosystem into digestible parts—trading, custody, tokenization, and DeFi.

Who Is Paul Atkins—and Why Does His First Speech Matter?

From Regulator to Potential Crypto Ally?

Paul Atkins is no stranger to financial regulation. A former SEC Commissioner with a track record of advocating for free markets and light-touch regulation, Atkins’ appointment has been widely welcomed by the crypto industry.

Crypto stakeholders are optimistic that Atkins could shift the SEC from the enforcement-first posture seen under previous chairs like Gary Gensler, to a more collaborative and innovation-driven model.

Key Expectations from Atkins:

• Clarify crypto custody guidelines for RIAs and broker-dealers

• Re-examine the Howey Test and its application to digital tokens

• Work with Congress and industry leaders to build practical compliance frameworks

• Encourage institutional growth in U.S.-based crypto markets

If Atkins leans into a pro-innovation stance, this could trigger a domino effect—unlocking capital, accelerating startup activity, and even influencing how the Commodity Futures Trading Commission (CFTC) and U.S. Treasury address crypto regulation.

Industry Challenges and Hopes Ahead of the Roundtable

The Custody Conundrum: Between Compliance and Innovation

The biggest challenge? Bridging the gap between legacy regulation and digital asset realities. SEC rules built for traditional custodians are often misaligned with blockchain’s fundamental architecture.

Industry Concerns:

• Rigid definitions of “qualified custodian” exclude blockchain-native solutions

• Multi-signature and smart contract-based custody not properly accounted for

• Compliance burdens stifling innovation for startups and custodians alike

The SEC roundtable could serve as a launchpad for a more adaptive, tech-aware regulatory framework—but it all hinges on Atkins’ tone and proposed next steps.

A Make-or-Break Moment for U.S. Crypto Regulation

Paul Atkins’ debut speech is more than symbolic—it’s strategic. With the global crypto market entering its next growth cycle and regulatory competitors like the EU, UK, and UAE making rapid strides, the U.S. must catch up or risk losing fintech leadership.

This custody roundtable is the first signal of what the SEC under Atkins will look like: adversary or ally, anchor or accelerant.

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