On June 9, 2025, at the “DeFi and the American Spirit” roundtable, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins provided an in-depth exploration of the core values of the decentralized finance (DeFi) movement. He emphasized that economic liberty, private property rights, and innovation are fundamental characteristics of DeFi.
Atkins pointed out that blockchain technology is a revolutionary innovation that can change how people understand ownership and the transfer of property rights. He noted that decentralized blockchains allow users to own and trade crypto assets without intermediaries, aligning with the spirit of free market transactions deeply rooted in American values.
He criticized the previous administration’s negative attitude toward blockchain and crypto assets, stating that this posture, expressed through lawsuits, regulations, and threats of regulatory action, hindered Americans from participating in these markets. He expressed gratitude to the staff of the Division of Corporation Finance for clarifying that voluntary participation in roles such as “miners” and “validators” is not within the scope of federal securities laws. However, he emphasized that this clarification lacks legal force, and the SEC must establish formal rules based on the authority granted by Congress.
Atkins also stated that providing greater flexibility for market participants to self-custody crypto assets is crucial, especially when intermediaries may impose unnecessary transaction costs. He mentioned that many entrepreneurs are developing self-executing software that operates without administration, and these systems have demonstrated resilience in times of crisis.
He called for the SEC to explore whether further guidance or rulemaking is necessary to help registrants transact with these software systems while remaining compliant. Additionally, he expressed excitement about the potential for an “innovation exemption” framework that would allow firms to quickly bring on-chain products and services to market.
Overall, Atkins’ speech highlighted the SEC’s willingness to promote innovation in the financial system and expressed hope that the U.S. could become the “crypto capital of the planet,” encouraging developers and firms to innovate with on-chain technologies under certain conditions. His remarks reflect an optimistic outlook on the future of DeFi and blockchain technology, advocating for a regulatory environment that supports further development in the digital finance sector.
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