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U.S. Securities and Exchange Commission Chair Paul Atkins presented a detailed agenda for digital asset regulation during the OECD’s inaugural Roundtable on Global Financial Markets in Paris on September 10. He used the event to expand on Project Crypto, a framework first introduced in Washington on July 31, 2025. Atkins outlined how the SEC intends to modernize its rulebook, deliver clarity on token classification, and prepare markets for both tokenization and AI-driven finance. His remarks marked a shift in policy, with enforcement-led actions giving way to structured rules and predictable oversight.
Atkins told the audience that the SEC would adopt a new approach to digital assets by building clear and consistent rules. He said most tokens do not qualify as securities and pledged to establish bright-line rules that would eliminate long-standing ambiguity. Entrepreneurs, he added, must be able to raise capital on-chain without constant legal challenges. Atkins also committed to building a single regulatory framework that allows platforms to integrate trading, staking, and lending under one license.
Custody, Super-Apps, and Tokenized Markets
The SEC chair confirmed that updated custody rules will form part of Project Crypto, ensuring multiple options for investors and intermediaries. He said investors should not be limited to a single custody model, stressing the importance of flexibility for both institutions and individuals. He also noted the potential of integrated trading platforms, often referred to as “super-apps,” which could combine token trading, lending, and staking in one regulated environment.
Atkins emphasized that tokenized securities and new asset classes will be part of the SEC’s forward agenda. He described a system where digital ledgers and blockchain infrastructure support both traditional securities and new financial products. According to him, Project Crypto will set the conditions for these tools to operate in U.S. markets while retaining safeguards for investors.
The chair described this shift as part of a “new day” for the SEC, moving away from ad hoc enforcement toward structured policymaking. He said this would position U.S. markets as a leader in digital asset adoption rather than forcing innovation abroad.
From Enforcement to Regulation
During his remarks, Atkins criticized the SEC’s previous enforcement-heavy stance, saying it forced U.S. innovators to spend resources on defense instead of growth. He stated that policy will no longer be shaped by subpoenas or enforcement actions but by predictable frameworks. The new direction aims to remove uncertainty for businesses and attract capital formation within U.S. borders.
The initiative aligns with broader administration goals. Atkins said President Trump tasked the SEC with making the United States the world’s crypto hub. He described Project Crypto as the agency’s “north star,” guiding the effort to ensure digital asset markets grow under U.S. oversight.
Global Context and Institutional Movement
Atkins’ remarks came shortly after Nasdaq President Tal Cohen described tokenization as an “extraordinary opportunity” for global markets. Cohen confirmed Nasdaq had already filed with the SEC to allow trading of tokenized securities. The comments showed that major institutions are preparing for blockchain adoption alongside regulators.
In Paris, Atkins also stressed the importance of international cooperation. He pointed to the European Union’s Markets in Crypto-Assets regulation (MiCA) as an early example of comprehensive oversight. While he acknowledged Europe’s progress, he said the United States must build its own system to remain competitive. He called for transatlantic collaboration that supports both investor confidence and market competition.
Beyond digital assets, Atkins discussed broader financial topics, including foreign company listings, accounting standards, and regulatory alignment. He expressed concern about the EU’s “double materiality” reporting requirements and suggested the SEC may reconsider its 2007 decision on IFRS reporting if funding issues at the IASB persist.
Artificial Intelligence and Agentic Finance
Atkins dedicated part of his speech to artificial intelligence and its growing role in financial markets. He described “agentic finance,” a system where autonomous AI agents manage trades, allocate capital, and enforce compliance at machine speed. He said these tools could deliver cheaper, faster markets and provide advanced strategies to a wider set of investors.
He explained that coupling AI with blockchain infrastructure could create capital markets that are both efficient and accessible. Such systems, according to him, could increase competition and lower costs across the financial sector. However, Atkins also urged caution, saying regulators must provide commonsense guardrails without overreacting to new technology.
He told attendees that AI-driven markets are approaching quickly, and the United States must decide whether to lead or fall behind. He said the SEC would work to embed compliance directly into the systems while avoiding regulatory burdens that might slow progress.
Revisiting Capital Formation Rules
Atkins also spoke about the role of capital formation in the SEC’s agenda. He said the agency is preparing frameworks that allow entrepreneurs to raise funds on-chain without constant uncertainty. This includes updating rules that define when a token falls under SEC jurisdiction.
According to Atkins, clear rules will make it easier for startups and businesses to build within U.S. markets. He said tokenization and decentralized finance will only succeed if capital markets provide certainty for both issuers and investors. Atkins concluded by stressing that the SEC’s goal is to support innovation while protecting investors. He said the agency will provide clarity on custody, trading, and platform licensing in the months ahead.
The SEC chair also repeated that most tokens will not be classified as securities, a statement intended to reassure entrepreneurs and developers. He told the Paris audience that crypto’s time had come and that regulators must build a system that balances innovation with oversight. He said U.S. markets should lead the next wave of financial innovation rather than watch it develop overseas.
Atkins closed with a reminder that collaboration with global partners remains essential. He said public blockchains are inherently international, and cooperation will ensure markets remain competitive and accessible. His address set out both the domestic and global ambitions of Project Crypto, positioning the initiative as a cornerstone of the SEC’s future agenda.