In a landmark policy shift, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins announced at the OECD Roundtable in Paris that "most crypto tokens are not securities" under the agency's new initiative, Project Crypto. This marks a significant departure from the SEC's previous enforcement-heavy approach and aims to modernize U.S. securities regulations for blockchain-based markets.
Atkins specifically mentioned tokens like XRP, ADA, SOL, and DOGE as examples of assets that would not be classified as securities under the new framework. He emphasized that "policy will no longer be set by ad hoc enforcement actions," instead promising "clear, predictable rules of the road so that innovators can thrive in the United States."
Project Crypto seeks to create a unified regulatory framework that encompasses crypto trading, lending, and staking under one umbrella. The initiative also supports the development of crypto "super-apps" that can facilitate multiple functions including trading, lending, staking, and custody services through a single platform. Atkins stressed that regulation should provide "the minimum effective dose" to protect investors without stifling innovation.
The SEC chair praised the European Union's Markets in Crypto-Assets (MiCA) framework as a comprehensive digital assets regime and suggested U.S. policymakers could learn from Europe's approach. He emphasized the importance of international cooperation in shaping global digital asset markets, noting that the SEC is committed to working closely with global regulators to create a more integrated environment for digital assets.