SEC Commissioner Paul Atkins recently spoke at the OECD, making it clear where things stand with digital assets. He stated that most crypto tokens are not securities. This is a big deal for the crypto world, as it brings some much-needed clarity from a key US regulator.
Atkins stressed that entrepreneurs and investors need to raise money using blockchain without constant legal confusion. He also pushed for “super-apps” for trading. These apps would give market players more choices. He urged other countries to build investor trust and lively markets. Meanwhile, the US plans to unlock the full potential of digital assets.
“Project Crypto” and Changing Rules
This push is part of “Project Crypto.” It is an effort by President Donald Trump to make the United States the world’s crypto hub. The project aims to update securities rules so markets can run on the network.
Atkins explained that this means giving clearer guidance on what makes a crypto asset a “security.” It also means letting trading platforms offer trading, lending, and staking all under one set of rules.
This change comes as the regulatory strategy for crypto shifts during Trump’s second term. This summer, Congress passed its first big law about stablecoins. Lawmakers also moved forward with a market structure bill called CLARITY. This bill will decide if the SEC or the Commodity Futures Trading Commission (CFTC) oversees different parts of the market.
Breaking from Past Policies
Atkins was critical of the previous administration’s “ineffective” fight against crypto. He noted that the SEC had used its power to investigate, subpoena, and enforce rules to hurt the crypto industry. The Commissioner said this approach was bad. It sent jobs, new ideas, and money overseas. It also made American entrepreneurs spend a lot on lawyers instead of on their businesses.
He put it simply: “That chapter belongs to history.” The SEC Commissioner wants a “minimum effective dose” of regulation to keep investors safe. He praised the agency’s Crypto Working Group. This group, led by Commissioner Hester Pierce, works to clarify rules for the crypto ecosystem, including tokenization and staking.
A New Era for US Finance
Atkins wants to “unleash a golden age of financial innovation on American soil.” He said the SEC wants new ideas, from tokenized records to new asset types, to happen in US markets. These innovations should be under US oversight and benefit US investors.
The SEC and CFTC announced a roundtable for September 29. They will talk about bringing “innovative products” like perpetual contracts and decentralized finance (DeFi) back to the United States. This joint effort aims to fit new products into a consistent oversight plan. It also seeks to create a competitive regulatory environment compared to other regions.
Source: Keynote Address by Paul S. Atkins, Commissioner, U.S. Securities and Exchange Commission