SEC Chair Paul Atkins Signals Major Shift on Crypto and 401(k) Rules

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A shift is underway at the SEC, as it is stepping away from surprise enforcement and instead focusing on clear, reliable rules, especially around crypto and digital assets.

In a latest interview with Bloomberg, SEC Chair Paul Atkins pointed to work already underway, including a crypto task force led by Commissioner Hester Peirce. Just this week, new legislation clarified that meme coins and stablecoins are not securities, which will bring much-needed certainty to the market.

The SEC is also exploring an “innovative exemption” to support tokenization while protecting investors. On stablecoins, Atkins noted that oversight has officially shifted to banking regulators, in line with the new law. He was also asked about proposals to allow 401(k) investments in private equity and crypto.

Atkins notes that interest is growing, but strong safeguards and clear disclosures are a must. He is open to the idea of letting Americans invest in crypto through their 401(k) retirement plans, but says that it needs to be done carefully. In a Bloomberg interview Friday, he said, “Disclosure is key, people need to know what they’re getting into,” he said. He added that he looks forward to whatever the president proposes.”

The agency will work closely with the Labor Department on any moves. “We have to do this in a smart way,” Atkins said. He also noted that an executive order on the issue could be coming soon.

The Trump administration is reportedly preparing an executive order that would expand 401(k) investment options beyond traditional stocks and bonds to include assets like crypto. 

While many investors are eager to tap into private markets, Atkins noted that private markets differ sharply from public ones, especially in terms of liquidity. 

Atkins took over as the SEC Chair in April,  promising “a new day at the SEC.” Since taking charge, he has reversed more than a dozen proposals from the Biden era. More changes are expected further. 

Atkins has hinted at revisiting rules on executive pay disclosures, scaling back reporting requirements for private fund advisers, and possibly letting hedge funds hold their crypto assets.

Looking forward, Atkins said the SEC is moving fast. The second half of 2025 is expected to bring significant rulemaking activity as the agency continues its shift toward transparency and innovation.