The Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, stated that "most crypto tokens are not securities," while outlining a comprehensive plan to integrate crypto activities such as trading, lending, and staking into a unified regulatory framework.
"Today marks a new day for the SEC," Atkins said during his keynote speech at the OECD roundtable held in Paris on Wednesday.
"Policy will no longer be made through ad hoc enforcement actions," he added, contrasting this with the previous administration's aggressive crackdown on crypto companies. "We will provide clear and predictable industry rules that allow innovators to thrive in the U.S.," Atkins said.
Under the Project Crypto initiative, the SEC aims to modernize its securities regulations to accommodate blockchain-based financial markets. According to Atkins, the President's Working Group on Digital Assets has provided a "bold blueprint" to support this mission.
The SEC's updated strategy includes allowing platforms to operate as "super apps" that can facilitate the trading, lending, and staking of digital assets under a single regulatory framework. Atkins stated that these platforms should also have the flexibility to offer a variety of custody solutions.
"I believe regulators should provide the minimum effective regulatory dose needed to protect investors, no more," Atkins said. "We should not overburden entrepreneurs with duplicative rules that only the largest existing firms can bear."
Atkins also praised the European Union's Markets in Crypto-Assets (MiCA) framework, calling it a "comprehensive digital asset regime," and noted that U.S. policymakers could learn from Europe's early regulatory steps.
The SEC Chairman called for international cooperation to "promote more innovative markets." "As Alexis de Tocqueville might have said, through cooperation, we can 'broaden the scope of freedom and prosperity,'" he concluded.
Last month, the European Banking Authority (EBA) finalized rules requiring EU banks to hold significantly more capital against unsecured cryptocurrencies like Bitcoin (BTC) and Ether (ETH). These regulatory standards are currently awaiting review by the European Commission.
Under the proposed framework, unsecured digital assets like Bitcoin fall into "Group 2b," carrying a risk weight of up to 1250%, meaning banks must set aside substantial capital buffers.
The EBA's conservative approach contrasts with initiatives in other jurisdictions. In the U.S., the Federal Deposit Insurance Corporation (FDIC) now allows regulated banks to engage in crypto activities without prior approval, while Switzerland has updated its distributed ledger technology laws to support crypto custody and stablecoin collateral.
Related: The U.S. Securities and Exchange Commission (SEC) delays decisions on BlackRock and Franklin Templeton cryptocurrency ETFs.
Original: “SEC Chair Says Most Crypto Tokens Are Not Securities, Backs ‘Super App’ Platforms”
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