SEC tackles crypto in first episode of new podcast

It's just a small fraction of US markets. Still, crypto dominated the first episode of a new podcast hosted by Paul Atkins, the head of the Securities and Exchange Commission.

At the top of the 27-minute episode, Atkins pitched the podcast, Material Matters, as a way to demystify the work of the US’ top financial regulator.

“For many people the SEC itself remains something of a mystery. I believe that it’s time to change that,” he said.

Atkins’ guests were Mark Uyeda and Hester Peirce, commissioners who have often sided with the crypto industry.

Atkins’ conversation with Peirce, affectionately known as “crypto mom” for her opposition to lawsuits brought against software developers, became something of a primer on digital assets.

“Crypto solves the double spending problem,” Peirce explained. “You used to be able to send data over the internet, but you couldn’t send value, because I could send you value, and then I could send the same value to someone else and say, ‘Oh look, I paid you both.’”

Moments later, she said “disintermediation” was the “beauty of the technology.”

“And that’s really powerful in our markets, because intermediaries have sometimes been the source of problems,” she said. “Either they walk away with your money or they’re careless with your money.”

The interview was the latest evidence the agency’s approach to crypto has taken a 180-degree turn since Atkins’ predecessor, Gary Gensler, resigned in 2025.

Gensler, an alum of Goldman Sachs appointed by then-President Joe Biden, became the industry’s chief antagonist in the US after the collapse of FTX in 2022. He brought lawsuits against dozens of crypto companies, alleging they had failed to register as securities brokers.

The industry referred to Gensler’s approach as “regulation-by-enforcement,” and celebrated when he resigned.

Atkins, on the other hand, is a longtime industry ally. He founded Patomak Global Partners, a business consultancy in Washington that counted among its clients banks, credit unions, insurance companies, e-commerce platforms, private equity funds, venture capital funds, crypto firms, and more.

“One area now that is really top on our list to try to get right, with respect to regulation, is the whole digital asset area,” he said at the beginning of the podcast episode.

But the sharp turn hasn’t been without controversy.

Critics recently lamented the sharp decline in enforcement actions under Atkins’ leadership, with one calling it the “collapse of American securities regulation.”

Uyeda said that’s for the best.

While the commissioner didn’t discuss crypto during his podcast appearance, he did take the opportunity to criticise the agency’s behaviour under Gensler’s tenure.

“The last four years were a complete outlier to anything I’ve seen over three decades of time as a corporate securities lawyer. It was unfortunate,” he said.

Under Gensler, the agency became a “business conduct regulator,” he continued. “All of a sudden, we were going to somewhat micromanage whether you issued dividends, or engaged in share repurchases.”

Aleks Gilbert is DL News’ New York-based DeFi correspondent. You can reach him at [email protected].