On 10 September 2025, United States Securities and Exchange Commission (US SEC) Chairman Paul S. Atkins addressed the OECD Roundtable on Global Financial Markets in Paris. In his remarks, Atkins explained the US SEC’s evolving approach to digital assets under Project Crypto. He described crypto as a permanent feature of global finance and stated that most tokens do not fall under securities law. Atkins called for predictable rules to replace enforcement-driven approaches, emphasising investor choice, integrated platforms, and freedom for innovators. His comments highlighted a decisive regulatory pivot intended to align the United States with global trends while reinforcing oversight and investor protection.
Moving Beyond Enforcement-First Approaches
Atkins acknowledged past shortcomings stating: “For too long, the [US] SEC has weaponized its investigatory, subpoena, and enforcement authorities to subvert the crypto industry. That approach was not only ineffective, but injurious; it drove jobs, innovation, and capital overseas.” He explained that Project Crypto will focus on structured rules, not ad hoc actions. The United States SEC seeks to restore confidence for entrepreneurs and investors.
Recognition That Crypto’s Time Has Come
Atkins declared: “Today, ladies and gentlemen, we must admit that: crypto’s time has come.” He framed crypto as a force reshaping global markets. The United States SEC, he said, must now design frameworks to integrate digital assets into the regulated financial system.
Clarity on the Status of Tokens
Atkins provided a direct assurance: “Most crypto tokens are not securities, and we will draw the lines clearly.” The statement reflects a commitment by the United States SEC to end ambiguity over token classification. Clarity is expected to reduce legal uncertainty and support capital formation.
Predictable Rules of the Road
On regulatory direction, Atkins stated: “Policy will no longer be set by ad hoc enforcement actions. We will provide clear, predictable rules of the road so that innovators can thrive in the United States.” He elaborated on the need for codified frameworks that promote trust while protecting investors.
Integrated Platforms Under a Unified Framework
Atkins explained: “Platforms should be able to offer trading, lending, and staking under a single regulatory umbrella.” The United States SEC will coordinate with other agencies to simplify compliance, encourage competition, and reduce barriers for platforms offering multiple services.
Investor Choice and Custody
Atkins stressed market flexibility: “Investors, advisers, and broker-dealers should have freedom to choose among multiple custody solutions as well.” This approach seeks to prevent concentration risks and support a resilient digital asset custody market.
A Golden Age of Financial Innovation
Atkins concluded his discussion on crypto with optimism: “Our goal is simple: to spark a golden age of financial innovation on U.S. soil.” He added that breakthroughs should be “made in America’s markets, under American oversight, for the benefit of American investors.” The United States SEC is committed to making digital assets a driver of capital markets innovation.
