Paul Atkin, Commissioner of the U.S. Securities and Exchange Commission (SEC), stated that "regulators must clarify how existing regulatory frameworks apply to software applications as they develop future regulations for on-chain financial markets." According to The Block, regulators are currently reviewing upgrades to securities regulations for on-chain markets, which includes potential rulemaking on qualification requirements for cryptocurrency exchanges, brokers, dealers, and clearing organizations. Paul Atkin explained that "software applications do not exactly fit into the SEC's regulatory roles such as clearing organizations, intermediaries, and exchanges." The media reported that "unlike former Chairman Gary Gensler, who took a cautious approach to cryptocurrencies and argued that the majority of cryptocurrencies fall under the SEC's jurisdiction, Paul Atkin holds a pro-cryptocurrency stance."
