A pressure regulator includes a pressurized fluid, direct-drive, balanced dual poppet valve assembly that requires no dynamic seals and is pressure balanced. Each poppet has a knife edge that creates a bubble-tight seal against a cooperating seat. The sealing knife edge of one poppet faces into the pressure, and the sealing knife edge of the other poppet faces away from the pressure. The pressure balance negates performance impact of high or low fluid pressure. Furthermore, the design provides for a controlled depth of deformation by the sealing knife edges of the poppets into the soft surfaces of the seats. With this arrangement, no dynamic seals are required, reducing the friction to a very low value. The valve assembly is actuated by solenoid that is optimized for light weight, high speed response, and low power consumption. The solenoid is designed to be immersed and operated within the pressurized fluid.