- SEC launches Project Crypto, aiming to unify trading, lending, and staking rules under one framework.
- Paul Atkins calls most tokens non-securities and supports super-app platforms to expand regulated digital asset services.
US Securities and Exchange Commission (SEC) Chair Paul Atkins said on Wednesday that “most crypto tokens are not securities,” as he introduced Project Crypto, a plan to create a unified framework for digital assets. Atkins spoke at the OECD Roundtable in Paris, calling it “a new day at the SEC.”
He explained that the agency will not rely on one-off enforcement actions to shape rules.
“Policy will no longer be set by ad hoc enforcement actions,” he said. “We will provide clear, predictable rules of the road so that innovators can thrive in the United States.”
Project Crypto is designed to update securities regulations so they can include trading, lending, and staking of cryptocurrencies. Atkins noted that the President’s Working Group on Digital Asset Markets has prepared what he called a “bold blueprint” to support the effort.
.@SECPaulSAtkins gave remarks at @A1Policy today on Project Crypto, an SEC Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain. https://t.co/Uvo8sjVRtD pic.twitter.com/R4Znno9mSm
— U.S. Securities and Exchange Commission (@SECGov) July 31, 2025
Plan for Unified Platforms
Atkins outlined a strategy that would allow digital asset platforms to act as “super-apps.” These platforms could offer trading, lending, and staking under one regulatory structure. He also said operators should be able to provide more than one custody solution to meet different investor needs.
“I believe regulators should provide the minimum effective dose of regulation needed to protect investors, and no more,” Atkins said. “We should not overburden entrepreneurs with duplicative rules that only the largest incumbents can bear.”
Atkins pointed to the European Union’s Markets in Crypto-Assets (MiCA) framework as an example of a comprehensive approach. He suggested that U.S. policymakers could study Europe’s steps while tailoring rules to domestic markets.
In his remarks, Atkins said cross-border cooperation will be important for building markets that support innovation and protect investors. He called for regulators to work together across regions, noting that consistent standards would help digital asset markets expand responsibly.
“Working together, as Alexandre de Tocqueville might have put it, we can ‘extend the sphere’ of freedom and prosperity,” he said.
Atkins also said Europe’s progress offers useful lessons, though the U.S. aims to build its own system through Project Crypto. He added that coordination will be essential for shaping markets that operate internationally.
Developments in Banking Regulation
While the SEC is taking steps toward a unified framework, Europe has set tougher requirements for banks holding cryptocurrencies. The European Banking Authority (EBA) recently finalized rules that place Bitcoin and Ether in “Group 2b.” These assets carry a 1,250% risk weight, meaning banks must hold large amounts of capital if they choose to keep them on their balance sheets.
This approach contrasts with the U.S., where the FDIC allows supervised banks to engage in crypto activity without seeking prior approval. In Switzerland, regulators have adjusted digital ledger laws to support crypto custody and stablecoin guarantees.
Atkins closed by saying Project Crypto will provide clear rules while leaving space for cooperation with international regulators.
