During a keynote address at the OECD’s inaugural Roundtable on Global Financial Markets in Paris, SEC Chairman Paul Atkins explicitly called for enabling entrepreneurs and investors to raise capital on-chain without endless legal uncertainty or unnecessary scrutiny.
This aligns with his broader vision under “Project Crypto,” a Trump administration-backed initiative launched in July 2025 to modernize securities rules, integrate decentralized finance (DeFi), and position the U.S. as the “crypto capital of the world.”
Atkins framed the moment as “crypto’s time has come,” criticizing past SEC approaches (under the prior administration) for driving innovation offshore through overzealous enforcement and vague guidelines.
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He emphasized balancing investor protection with fostering growth, while reiterating that most crypto tokens are not securities—a direct rebuke to earlier broad classifications that treated many as such.
Shift from “regulation by enforcement” to clear, predictable rules. Entrepreneurs should raise funds on-chain without “constant legal battles” or excessive red tape. Reducing barriers for tokenized offerings, RWAs (real-world assets), and DeFi protocols; no more forcing firms to litigate instead of innovate.
Support for unified “super apps” (e.g., platforms like Coinbase’s recent launch) offering trading, staking, lending, and traditional securities under one license. Enables seamless on-chain ecosystems, boosting efficiency and user choice while avoiding fragmented oversight from multiple regulators.
Most tokens fall outside SEC jurisdiction; focus on “commonsense guardrails” for those that qualify as securities. Frees up non-security tokens for global, low-scrutiny fundraising; aligns with CFTC collaboration on derivatives like perpetuals.
This isn’t just rhetoric—Atkins directed the SEC’s Crypto Task Force (led by Commissioner Hester Peirce) to implement recommendations from the President’s Working Group on Digital Asset Markets, including deregulatory proposals to simplify private offerings and investor access.
Early actions include staff guidance on crypto disclosures and rescinding outdated rules like SAB 121 (on crypto custody). Past uncertainty pushed $100B+ in crypto activity abroad; Atkins aims to repatriate it, creating U.S. jobs and liquidity. Stablecoin supply on Ethereum just hit $150B—a sign of momentum.
Bitcoin and Ethereum surged post-speech, with Solana eyeing tokenized securities frameworks. X (formerly Twitter) lit up with bullish takes, from DeFi builders to TradFi watchers. Atkins urged international coordination to avoid a patchwork of rules, while tying it to Trump’s “nation of builders” ethos.
Some Democrats like Commissioner Caroline Crenshaw worry this could weaken protections, but Atkins insists the SEC’s core mission—investor safety, fair markets, capital formation—remains intact. Expect roundtables soon on tokenization, staking, and ETFs, potentially greenlighting more on-chain pilots.
Clearer rules and reduced legal hurdles for issuing tokenized assets mean startups can raise capital on-chain with lower costs and less fear of SEC enforcement actions. Project Crypto’s proposed exemptions could allow smaller firms to access global liquidity pools without navigating complex securities filings.
Support for blockchain-AI hybrids and “super apps” enables new business models, like decentralized platforms combining trading, lending, and staking, fostering entrepreneurial experimentation.
For Investors
Simplified regulations could democratize access to on-chain investments, previously restricted by accreditation rules or high entry barriers. Potential approval of new ETFs, tokenized securities, and stablecoin-based products expands investment options.
For DeFi and Crypto Ecosystems
Platforms like Aave, Uniswap, or newer Solana-based protocols could see increased adoption as regulatory clarity attracts institutional capital and retail users to on-chain lending, trading, and staking. Tokenized real-world assets (RWAs), already at $12B globally per recent data, could explode as Atkins’ framework supports their integration into mainstream finance.
With $100B+ in crypto activity previously driven offshore, clear rules could bring projects and liquidity back to the U.S., strengthening domestic markets. Banks and brokerages may need to adopt blockchain tech faster to compete with “super apps” offering integrated crypto-TradFi services under single licenses.
AI-blockchain hybrids could cut settlement times and costs (e.g., T+1 or instant trades), forcing legacy firms to innovate or lose market share. Atkins’ call for CFTC-SEC coordination on derivatives (e.g., crypto perps) could streamline TradFi-crypto integrations.
Atkins’ vision signals a pro-innovation pivot, likely accelerating on-chain capital formation by reducing legal and compliance burdens. Entrepreneurs can build with confidence, investors gain access, and DeFi could go mainstream. However, balancing growth with oversight will be key to avoiding bubbles or scams.