Source: SEC

Author: Paul S. Atkins

Translation: Jonnah, MetaEra

Ladies and gentlemen, good afternoon.

First, I would like to thank Secretary Coleman for the warm introduction, and I also want to express my gratitude to Carmine for the invitation to participate in this inaugural roundtable and for organizing such a timely dialogue to explore how we can work together to enhance global competition in capital markets while promoting economic growth in our respective jurisdictions. I know that everyone present is committed to these goals, and your presence today is the best testament to that. It is a great honor to gather with all of you, especially as the U.S. Securities and Exchange Commission (SEC) refocuses on our core mission: to protect investors; to maintain fair, orderly, and efficient markets; and to facilitate capital formation.

Before I proceed further, I must clarify that the views I express today are solely my own and do not necessarily reflect the position of the SEC as an institution or that of my fellow commissioners.

For me, returning to France feels like "coming home." In the late 1980s, I was a young lawyer working in the Paris office of a law firm in New York. At that time, I not only learned about the complexities of international finance but also experienced the lasting value of cross-cultural collaboration. Over the following decades, I served multiple terms at the SEC, which deepened my understanding that the principles we cherish in the U.S.—such as the power of free enterprise and the vitality of capital markets—resonate abroad as well. It is in this spirit that I warmly welcome today’s discussion on how to drive growth and opportunity in our respective economies.

Special Accommodations for Foreign Issuers

For many years, the collaboration between the U.S. and Europe has fascinated me. I remember the period before the "Big Bang" in 1992, which gave rise to the European Single Market and the tremendous opportunities that followed. For those of us who were there at the time, witnessing the gradual formation of the European internal market driven by commerce and competition was exhilarating. Today, as Europe discusses the Savings and Investment Union, these themes are once again in focus. Meanwhile, even as the European market becomes increasingly integrated, cooperation beyond the region remains crucial. Sovereign nations like the U.S. must continue to engage constructively with the world to promote shared prosperity.

At the SEC, these priorities are reflected in our efforts to attract foreign companies to the U.S. market and provide American investors with opportunities to invest in these companies while ensuring that foreign enterprises have a fair competitive environment and that investors' rights are protected. Of course, the scale and depth of the U.S. capital markets have always been attractive to foreign companies. These companies can gain various potential benefits, including higher valuations, greater liquidity, access to U.S. capital, and enhanced reputation and visibility in financial markets.

Since the SEC's inception, our rules have provided special accommodations for foreign companies entering the U.S. capital markets. These accommodations recognize the differences in business and market practices, accounting standards, and corporate governance requirements between U.S. and foreign companies. At the same time, the SEC has always emphasized and ensured that U.S. investors can access sufficient information and understand the extent of disclosures under the legal framework of the companies' home countries.

In 1983, the SEC established the foundation for the current standards used to determine which foreign companies can benefit from these accommodations. Since then, the SEC has continuously reassessed and updated these standards in response to changes in global markets to better protect U.S. investors. One of my first actions as chairman was to request the commission to approve the issuance of a concept release to solicit public comments on whether these standards should be updated in light of the evolution of financial markets and corporate legal structures.

This release seeks public input on whether foreign companies should meet additional conditions—such as minimum foreign trading volume or being listed on a primary foreign exchange—to qualify for accommodations not available to U.S. companies.

It is important to clarify that the SEC welcomes foreign companies seeking to enter the U.S. capital markets. This release does not imply that the SEC intends to deter or discourage these companies from listing on U.S. exchanges. On the contrary, our goal is to better understand the changes that foreign companies have brought to the U.S. market over the past two decades and their implications for U.S. investors and markets. Notable changes include:

• Changes in the composition of foreign companies registered with the SEC;
• An increasing number of companies choosing to register in jurisdictions like the Cayman Islands, which differ from their actual headquarters, operational locations, and governance frameworks, and which are subject to governance frameworks that involve shareholder interests.

These circumstances affect shareholder interests. In light of these changes, is the original rationale for providing unconditional accommodations to all foreign companies still valid? Or should the rules be updated? A retrospective assessment of existing rules to ensure they still achieve their intended policy goals is an important feature of effective regulatory agendas.

While the formal public comment period ended this past Monday, the SEC will certainly consider comments received after the deadline to assess whether rule amendments are necessary. I look forward to reviewing this feedback.

High-Quality Accounting Standards

As we reassess the types of foreign issuers that should enjoy accommodations, we must not overlook the cornerstone of effective regulatory systems: high-quality accounting standards and financial materiality.

In terms of accounting standards, U.S. companies must prepare financial statements in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP). During my tenure as an SEC commissioner in 2007, I voted in favor of a rule amendment that allowed foreign companies to use International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) to prepare their financial statements directly, without reconciling to U.S. GAAP.

At that time, the SEC noted that the sustainability, governance, and independence of the IASB were important considerations in eliminating the reconciliation requirement, as these factors relate to the IASB's ability to continue developing high-quality, globally accepted standards. The SEC also specifically mentioned the need for the International Accounting Standards Committee Foundation (IASC Foundation, the predecessor of the IFRS Foundation) to secure "stable funding" to support the IASB.

In 2021, the IFRS Foundation announced the establishment of the International Sustainability Standards Board (ISSB), with the foundation's trustees responsible for ensuring the financial security of both the IASB and the ISSB. This newly expanded responsibility should not divert the foundation from its long-term core mission—ensuring the financial stability of the IASB. In turn, the IASB must focus on promoting high-quality financial accounting standards to ensure the reliability of financial reporting, rather than being used as a "backdoor" to achieve political or social agendas. Reliable financial reporting is crucial for capital allocation decisions. We are all deeply concerned about whether the IASB can secure adequate and stable funding and maintain effective operations. I also urge the IFRS Foundation to fulfill its goal of "stable funding" and prioritize the development of IASB's financial accounting standards, rather than shifting towards tenuous or speculative issues.

If the IASB fails to secure complete and stable funding, one of the premises for the SEC's 2007 elimination of the reconciliation requirement may no longer hold, and we may need to conduct a retrospective review of that decision.

Financial Materiality

In addition to high-quality accounting standards, regulatory oversight based on financial materiality is also a pillar for achieving efficient capital flow. "Financial materiality" means that information disclosure requirements, corporate governance standards, and other regulatory measures should focus on the interests of investors. After all, it is investors who provide the capital necessary to drive businesses' products, services, and employment. In contrast, a "dual materiality" regulatory framework considers other non-financial factors simultaneously.

In the European Union, two recently passed laws—the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD)—have advanced the dual materiality regulatory framework. These laws also impact U.S. companies operating in the EU.

I am concerned about the high level of regulation these laws impose and the burden they create for U.S. businesses, as these costs may ultimately be passed on to American investors and consumers. Recently, the EU has committed that these laws will not impose undue restrictions on transatlantic trade and is working to streamline and simplify them. This is encouraging, but it remains necessary to further focus on the principle of financial materiality rather than dual materiality. In fact, for Europe to drive the development of capital markets by attracting more businesses and investments, it should aim to reduce unnecessary reporting burdens on issuers rather than pursue goals unrelated to corporate economic success and shareholder welfare.

Project Crypto

As we call on partners to enhance investor confidence and drive market vitality within their jurisdictions, the same priorities also motivate us to unleash the potential of digital assets in the U.S.

As I mentioned earlier today, in the late 1980s, I worked about four kilometers from where we are meeting now, at Place de la Concorde. At that time, I could never have imagined that one day I would return here in my current capacity to discuss technologies that were once denied or even resisted but are now revolutionizing global finance. Here, just steps away from Boulevard Hugo, I cannot help but recall Victor Hugo's famous quote: "An invasion of armies can be resisted, but not an invasion of ideas."

Ladies and gentlemen, today we must acknowledge: the era of crypto has arrived.

For a long time, the SEC has weaponized investigations, subpoenas, and enforcement powers to stifle the crypto industry. This approach has not only been ineffective but has also caused harm—it has forced jobs, innovation, and capital to flow out. American entrepreneurs have borne the brunt, compelled to spend significant resources on legal defenses rather than on building their businesses. This chapter has become history.

Today, the SEC welcomes a new dawn. Policy will no longer be dictated by ad hoc enforcement actions. We will provide clear and predictable road rules to help innovators thrive in the U.S. President Trump has tasked me and my colleagues in the government with building the U.S. into a global crypto hub—while the President's Digital Asset Market Working Group has developed an ambitious blueprint to guide our efforts.

As Congress drafts comprehensive legislation, the working group has directed U.S. regulators to act swiftly to modernize our outdated rule framework. The SEC is implementing this task through Project Crypto, a comprehensive reform of securities rules aimed at updating securities regulations to enable our markets to migrate on-chain. Our priorities are clear:

• We must provide certainty regarding the securities characteristics of crypto assets. The vast majority of crypto tokens are not securities, and we will draw clear lines.
• We must ensure that entrepreneurs can raise funds on-chain without facing endless legal uncertainties.
• We must allow "super-app" trading platforms to innovate, providing market participants with more choices. These platforms should be able to offer trading, lending, and staking services under a single regulatory framework.
• Investors, advisors, and brokers should also have the right to freely choose from diverse custody solutions.

Meanwhile, according to a recent working group report, the SEC will collaborate with other agencies to ensure that platforms can offer trading, staking, and lending services for crypto assets (whether or not they are securities) under a single regulatory framework. I believe that regulation should provide the "minimum effective dose" of oversight needed to protect investors and should not exceed that. We should not burden entrepreneurs with redundant red tape, which only benefits the largest incumbents. By unleashing competition among venues and products, we can help American companies compete fairly on the global stage.

As President Trump said, America is a "builder's nation." During my tenure as chairman, the SEC will encourage builders rather than stifle them with red tape. Our goal is simple: to ignite a golden age of financial innovation on American soil. Whether it’s tokenized stock ledgers or entirely new asset classes, we want these breakthroughs to be born in the U.S. market, under U.S. regulation, and ultimately benefit American investors.

Opportunities for Collaboration with International Partners

Of course, these goals can be maximized when we strategically collaborate with international partners. Markets can only thrive when capital flows freely to its most productive uses. Public blockchains inherently possess a global nature, providing a rare opportunity to modernize payment and capital market infrastructure. Through collaboration, the U.S. and Europe can not only strengthen their respective economies but also reinforce the transatlantic partnership.

It is commendable that Europe has taken the lead early on. As noted in the "Digital Asset Market Report," the EU's Markets in Crypto-Assets Regulation (MiCA) serves as a comprehensive regulatory framework for digital assets. Some European policymakers have already called for a "MiCA 2" to cover decentralized finance, non-fungible tokens (NFTs), and digital asset lending. I appreciate the foresight of our European allies in their initial attempts to clarify regulation and believe that the U.S. must learn from and draw experiences from this.

That said, I am determined to ensure that the U.S. does not fall behind any country in creating an economic environment that supports financial innovation. As we catch up, I look forward to collaborating with international partners to promote more innovative markets. As Alexis de Tocqueville said, we can "expand the realm of freedom and prosperity."

Artificial Intelligence and Finance: A New Era of Market Innovation

For the U.S., our financial leadership depends on planning for the future rather than fearing it. Just as blockchain is reshaping the way assets are traded and settled, artificial intelligence (AI) is ushering in the era of "agentic finance"—a system in which autonomous AI agents can execute trades, allocate capital, and manage risks at speeds unmatched by humans, embedding securities compliance mechanisms at the code level.

The potential benefits are immense: faster markets, lower costs, and broader access to investment strategies that were once limited to large institutions on Wall Street. By combining AI with blockchain, we can empower individuals, enhance competition, and unlock new prosperity.

In this regard, the government's role is to ensure that common-sense safeguards are in place while removing regulatory barriers that hinder innovation. AI has already entered the capital markets, and its role will only continue to grow. We must resist the temptation to overreact out of fear. On-chain capital markets and agentic finance are on the horizon, and the world is focused on this. The choice before us is both simple and profound: either the U.S. moves forward with confidence and determination, or others will take our place. And I choose leadership, freedom, and growth—for our markets, our economy, and the next generation. I also look forward to working with international partners to advance this goal and strive for a more prosperous and free society.

Conclusion

In summary, with your collaboration, we can shape future regulatory initiatives to achieve their intended functions—protecting investors while providing ample space for innovators and entrepreneurs. As I mentioned earlier, the SEC is entering a new day, and we are realigning the long-standing principles of this agency with emerging opportunities. I believe that in the regulatory issues I discussed today, international cooperation will bring long-term benefits to all of us—both in the U.S. and globally.

I look forward to working with all of you with the determination that matches the current opportunities.

Finally, thank you all for your time and attention. I appreciate your patience and understanding. I sincerely wish you all the best for the remainder of the roundtable.

Thank you, and have a pleasant afternoon.

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