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In a closed-door meeting on Friday, former SEC Commissioner Paul Atkins convened key stakeholders across the digital asset ecosystem for a roundtable focused on one of the most pressing issues in crypto regulation: custody.
Hosted under the auspices of Patomak Global Partners, where Atkins currently serves as CEO, the session brought together a cross-section of industry leaders, legal experts, and financial regulators to unpack recent shifts in how digital assets are stored, managed, and overseen in the wake of ongoing regulatory developments.
With the SEC signaling a firmer stance on crypto oversight—particularly around the definition of “qualified custodians”—the roundtable comes at a critical moment. Atkins, known for his deregulatory philosophy and deep ties in both Washington and Wall Street, served as a mediator between industry concerns and regulatory realities.
Custody: A Flashpoint for Reform
At the heart of the discussion was the future of crypto custody rules, particularly in light of the SEC’s controversial proposal to expand custody requirements under the Investment Advisers Act. Critics argue the current framework remains ambiguous, creating uncertainty for both traditional institutions and digital-native platforms.
“Custody is not just a technicality—it’s foundational to investor confidence,” one participant said, speaking anonymously due to the private nature of the event. “But right now, the rules feel more like roadblocks than guardrails.”
Industry Voices, Regulatory Ears
Participants reportedly included representatives from major crypto exchanges, custodial service providers, asset managers, and legal firms with deep experience in financial regulation. While the roundtable was not open to the public, sources familiar with the discussion described the mood as “constructively tense”—a reflection of both urgency and opportunity.
“There’s a clear desire to get this right,” said a legal advisor who attended. “Everyone understands that without clarity on custody, institutional adoption hits a ceiling.”
Looking Ahead
While no immediate outcomes or policy changes were announced, the gathering is expected to influence ongoing deliberations both within the SEC and on Capitol Hill. As crypto regulation continues to take shape in 2025, events like Friday’s roundtable highlight the growing appetite for dialogue between regulators and the rapidly evolving digital asset space.
For now, custody remains a high-stakes puzzle in the broader quest to legitimize and integrate crypto into the financial mainstream. But with leaders like Paul Atkins helping bridge divides, momentum toward clearer policy may finally be building.
