SEC Chair Paul Atkins stated on Friday that innovation in the crypto industry has been stifled and significant changes are needed to address the current regulatory framework.

Speaking at the SEC’s Crypto Task Force roundtable, Atkins emphasized the need for a more collaborative approach to crypto regulation.

The session, which followed the SEC’s dropping of its lawsuit against Ripple, focused on digital asset custody.

Atkins expressed openness to a broad reassessment of crypto rules, with input from Congress, and noted that the SEC would continue enforcing rules against foreign companies not following U.S. regulations.

Additionally, the SEC has recently clarified that most meme coins are not considered securities, CNBC has reported.

The roundtable also addressed challenges in crypto custody solutions, highlighting the need for clearer regulations to protect investors and secure decentralized assets.

Written by B.C. Begley