Online reported that Paul Atkins, the new chairman of the U.S. Securities and Exchange Commission (SEC), said on Monday that "this is a new era for the SEC." Policy formulation will no longer rely on ad hoc enforcement actions, but will use existing powers to formulate rules, interpret and exempt rules to set appropriate standards for market participants. Atkins criticized former chairman Gary Gensler's approach, saying the SEC had taken an ostrich approach in the past-perhaps hoping that cryptocurrencies would disappear on their own. Atkins also revealed that the SEC may update custody rules to allow self-custody under certain conditions and explore whether to provide conditional exemptions for those who want to launch new products and services.