Source: Harvard Law School Forum on Corporate Governance (corpgov.law.harvard.edu)

Paul S. Atkins, identifying his remarks as his own views, delivered a speech posted May 9, 2026, presenting the SEC’s posture toward technological innovation in capital markets. He framed markets as evolving with technology and said the SEC’s role is to safeguard markets so capital reaches innovative solutions, warning that excessive rigidity can suffocate innovation. He cited the late-1990s response to electronic trading—Regulation ATS—and recent staff guidance on blockchain (statements, FAQs, no-action letters issued since the start of this Administration) as examples where regulatory flexibility and targeted guidance aided market development.

Atkins addressed artificial intelligence as another capability-expanding tool whose scale is distinctive but not historically unprecedented, stressing that firms remain responsible for outcomes of tools they deploy and must inform investors how tools are used. He outlined specific regulatory clarity needs for onchain markets: defining “exchange” for onchain trading systems, clarifying broker/dealer scope (including software-interface issues), reconsidering the “clearing agency” definition for onchain clearing and settlement, and providing guidance on “crypto vaults” with respect to Securities Act and Advisers Act touchpoints. He advocated notice-and-comment rulemaking and exemptive authority use, urged continued engagement and interagency coordination, and reiterated a call for Congress to pass the CLARITY Act to the President.