The U.S. Securities and Exchange Commission (SEC) is preparing a major overhaul of its approach to digital assets, with Chair Paul Atkins declaring that “most crypto tokens are not securities.”
The shift marks a move away from enforcement-led oversight toward a structured framework that could give firms clearer guidance on trading, lending, and staking activities.
Project Crypto Announced
Speaking at the OECD Roundtable in Paris, Atkins unveiled Project Crypto, an initiative to modernize securities regulations for blockchain markets. He said the SEC would deliver “clear, predictable rules” instead of relying on individual enforcement actions. “It is a new day at theSEC,” he told delegates.
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The plan builds on recommendations from the President’s Working Group on Digital Asset Markets, which urged U.S. regulators to clarify the regulatory status of tokens and streamline rules for on-chain capital raising.
Under the proposal, crypto platforms could operate as “super-apps,” combining trading, lending, and staking under a single regulatory structure. Firms would also be allowed to offer multiple custody options for investors.
Atkins cited the European Union’s Markets in Crypto-Assets (MiCA) regime as an example of a comprehensive system and said U.S. policymakers could learn from it. He also called for closer international cooperation to ensure digital asset markets can grow across borders.
Europe’s Influence
The SEC’s new direction comes as the European Banking Authority finalizes stricter capital rules for banks holding unbacked crypto such as Bitcoin and Ether. The framework assigns these assets a 1,250% risk weight, requiring lenders to set aside significant buffers.
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By contrast, the U.S. Federal Deposit Insurance Corporation has allowed supervised banks to enter crypto activities without prior approval, and Switzerland has revised its laws to bolster custody and stablecoin services.
Atkins said the SEC’s priority is to provide certainty on whether tokens qualify as securities and to enable platform innovation. “We must allow for ‘super-app’ trading platform innovation that increases choice for market participants,” he said. The SEC will now work with other U.S. agencies to align rules across digital asset markets as Congress drafts wider crypto legislation.
This article was written by Jared Kirui at www.financemagnates.com.
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