U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has announced the end of 'regulation by enforcement' for cryptocurrencies, declaring, "It's a new day at the SEC." In remarks at the SEC Speaks conference and testimony before Congress on May 20, Atkins stated that the SEC will begin drafting new, crypto-specific rules to provide clarity for the digital asset industry. Atkins criticized the SEC's prior approach as hostile and unclear, noting that the crypto markets have been 'languishing in SEC limbo for years.' He emphasized that the SEC should embrace innovation rather than fear it, and pledged to foster open dialogue and collaborative engagement with the industry. Atkins reaffirmed the end of harsh crypto enforcement and said the agency's Crypto Task Force would play a leading role. A key component of the new roadmap is a unified regulatory framework that would allow SEC registrants to custody and trade both securities and non-securities, including digital assets, under one license. Atkins directed staff to reconsider guidance that restricts how closed-end funds can invest in private funds, and announced the repeal of Staff Accounting Bulletin 121, which had discouraged lawful custodial services for crypto assets. He also indicated support for repealing and replacing the 'special purpose broker-dealer' framework and for clarifying qualified custodian standards. Atkins outlined three pillars for crypto policy reform: issuance, custody, and trading. He committed to establishing clear guidelines for the issuance of crypto assets, removing regulatory barriers for custodians, and enabling broker-dealers to offer trading in both securities and non-securities. The SEC also plans to release new staff guidance, including FAQs for broker-dealers and transfer agents. Atkins described a 'super-app' future for financial services and announced the dismantling of the SEC's FinHub, integrating innovation priorities across the Commission. These changes have drawn criticism from some quarters, including the commission's sole Democrat, who warned that the new direction could pose risks similar to those preceding the 2008 financial crisis. Nonetheless, Atkins reiterated his intention to return the SEC to its core mission while developing a more transparent, rules-based regime for crypto markets.