The Minutes of Paul Atkins on crypto rules https://minutesof.com/sec-chair/on/crypto-rules/ Everything Paul Atkins has said on crypto rules: 18 verbatim quotes from August 2026, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:18 +0000 Two new exemptions from registration under the Securities Act would be created for offerings of covered invest https://minutesof.com/q/3ce9ff4d-7724-4de5-9d72-c3c37dbd999b/ https://minutesof.com/q/3ce9ff4d-7724-4de5-9d72-c3c37dbd999b/ “Two new exemptions from registration under the Securities Act would be created for offerings of covered investment contracts: a “startup exemption” for up to $5 million over a four-year period, and a “fundraising exemption” permitting up to $75 million during each 12-month period.” — SEC speeches and statements crypto rules Atkins argues sensible, clear, and enforceable rules enable builders to work and government to enforce. https://minutesof.com/q/e7e22460-1bd5-4e8c-a36b-5adf0a9f4c72/ https://minutesof.com/q/e7e22460-1bd5-4e8c-a36b-5adf0a9f4c72/ “Having rules that are sensible, clear, and enforceable is key to a well-functioning society. People whose ambition is to build good things for other people can work with such rules, and government can enforce them.” — SEC speeches and statements crypto rules Atkins clarifies that exempting some crypto assets from securities laws does not exempt all crypto activities. https://minutesof.com/q/71fe1f5e-a2d0-4a77-a9a4-c1cd25d9a77f/ https://minutesof.com/q/71fe1f5e-a2d0-4a77-a9a4-c1cd25d9a77f/ “That the securities laws do not apply to all crypto assets and activities, however, does not mean that the securities laws do not apply to any crypto assets or activities.” — SEC speeches and statements crypto rules Atkins warns that contorting interpretations to avoid securities laws will lead to painful consequences. https://minutesof.com/q/2d2dd233-8379-4cbe-8556-583f8fbad3e4/ https://minutesof.com/q/2d2dd233-8379-4cbe-8556-583f8fbad3e4/ “If you do headstands, backflips, and other gymnastics to read the law so that it does not apply to crypto assets and activities that are well within the scope of the federal securities laws, you will have a painful fall.” — SEC speeches and statements crypto rules Atkins criticizes prior SEC approach of advancing untested legal theories through enforcement rather than rule https://minutesof.com/q/13c3ffb7-f580-4f1b-8a3d-96892ea70243/ https://minutesof.com/q/13c3ffb7-f580-4f1b-8a3d-96892ea70243/ “The Commission’s approach to crypto in recent years—advancing untested legal theories through enforcement actions rather than rulemaking—deprived the public and market participants of the opportunity to have input into the development of workable rules.” — SEC speeches and statements crypto rules Atkins states that moving securities activities onchain does not remove them from SEC jurisdiction. https://minutesof.com/q/4bc3eeab-e983-4975-a4cc-a88c8607d11b/ https://minutesof.com/q/4bc3eeab-e983-4975-a4cc-a88c8607d11b/ “Moving activities that fall within the scope of the federal securities laws onchain, as a general matter, does not take those activities outside the scope of the laws the Commission administers.” — SEC speeches and statements crypto rules Even when a crypto asset was properly treated as a security, prospective issuers were provided no realistic wa https://minutesof.com/q/da14e90d-5846-49a4-b3ca-80093f6e602c/ https://minutesof.com/q/da14e90d-5846-49a4-b3ca-80093f6e602c/ “Even when a crypto asset was properly treated as a security, prospective issuers were provided no realistic way to comply with the Commission’s registration process.” — SEC speeches and statements crypto rules Atkins says persons who sought to register crypto offerings were given a bureaucratic runaround with no resolu https://minutesof.com/q/bce53aeb-abec-4123-a172-3826cb30f884/ https://minutesof.com/q/bce53aeb-abec-4123-a172-3826cb30f884/ “Persons who sought to register their crypto offerings were often given a bureaucratic runaround with no resolution in sight.” — SEC speeches and statements crypto rules Atkins says those who engaged with the SEC in good faith faced subpoenas and litigation rather than answers. https://minutesof.com/q/19c14653-2080-43a7-a025-b54f41505513/ https://minutesof.com/q/19c14653-2080-43a7-a025-b54f41505513/ “Those who tried to engage with the Commission in good faith found themselves facing subpoenas and litigation rather than answers.” — SEC speeches and statements crypto rules Atkins announces the Commission proposes two registration exemptions tailored for crypto assets sold as invest https://minutesof.com/q/f5f462bb-060e-46c3-aea1-84d9f1c88dac/ https://minutesof.com/q/f5f462bb-060e-46c3-aea1-84d9f1c88dac/ “Today, the Commission proposes new fundraising pathways tailored for the unique characteristics of crypto assets being sold as part of investment contracts.” — SEC speeches and statements crypto rules Atkins details startup exemption allowing $5 million over four years and fundraising exemption allowing $75 mi https://minutesof.com/q/05b6b439-c2f0-4782-8c3d-1f7b6ac8490d/ https://minutesof.com/q/05b6b439-c2f0-4782-8c3d-1f7b6ac8490d/ “The startup exemption would permit offerings of up to $5 million during a four-year period.” — SEC speeches and statements crypto rules The proposed rules include two offering exemptions tailored for innovations in the crypto asset markets: a “st https://minutesof.com/q/64f73752-44e5-4a6c-8371-3bbeb12dd72a/ https://minutesof.com/q/64f73752-44e5-4a6c-8371-3bbeb12dd72a/ “The proposed rules include two offering exemptions tailored for innovations in the crypto asset markets: a “startup exemption,” which would allow for offerings up to $5 million during a four-year period, and a “fundraising exemption” allowing for offerings of up to $75 million each year.” — SEC speeches and statements crypto rules Atkins proposes a safe harbor allowing issuers to delink crypto assets from their original investment contract https://minutesof.com/q/2d7ff229-90bf-44da-b069-9ba2f9e665fe/ https://minutesof.com/q/2d7ff229-90bf-44da-b069-9ba2f9e665fe/ “In addition to the startup and fundraising exemptions, the proposed rules would include a conditional safe harbor by which an issuer of an investment contract could delink a crypto asset from the investment contract with which it was once associated.” — SEC speeches and statements crypto rules Atkins suggests crypto vaults may qualify as investment contracts under the Howey test. https://minutesof.com/q/06ae7d5d-2ee0-4ac1-9938-3958ec68f214/ https://minutesof.com/q/06ae7d5d-2ee0-4ac1-9938-3958ec68f214/ “A vault, for example, could be a common enterprise in which users invest money with a reasonable expectation of profits to be derived from the vault deployer’s and curator’s entrepreneurial or managerial efforts.” — SEC speeches and statements crypto rules Atkins seeks feedback on enabling crypto tokens to function like equity for token holders to share in network https://minutesof.com/q/359beec0-8c08-4ef2-959a-fe6debcfb9c9/ https://minutesof.com/q/359beec0-8c08-4ef2-959a-fe6debcfb9c9/ “I would particularly welcome thoughts on facilitating the ability of crypto assets to serve a role akin to equity to enable token holders to share in the growth and value of the enterprise that builds a crypto network.” — SEC speeches and statements crypto rules Atkins invites industry input on modifying SEC rules to accommodate vaults and onchain lending innovations. https://minutesof.com/q/9daa647f-dbe3-4a3a-a81e-543b9156ff0c/ https://minutesof.com/q/9daa647f-dbe3-4a3a-a81e-543b9156ff0c/ “We welcome your thoughts on whether we need to modify our rules to accommodate vaults, onchain lending, or other innovations and how we can do so while still ensuring that investors are protected, markets are fair, orderly, and efficient, and capital formation is facilitated.” — SEC speeches and statements crypto rules