In a keynote address at the OECD, newly appointed SEC Chair Paul Atkins unveiled Project Crypto, an initiative designed to modernize financial regulations and position America as the world’s leading center for blockchain innovation.

Atkins argued that most tokens circulating today should not be treated as securities, a declaration that signals a dramatic shift from the agency’s previous enforcement-heavy stance. He said the goal is to give both investors and entrepreneurs the ability to operate without constant legal roadblocks, allowing U.S. markets to compete with jurisdictions that have embraced blockchain more quickly.

Turning the Page on Past Policy

The SEC chief did not shy away from criticizing the prior administration, accusing it of waging a misguided campaign that drained capital and talent out of the country. “That chapter belongs to history,” he said, insisting that Washington’s new approach will focus on encouraging innovation rather than punishing it.

Atkins described his philosophy as providing the “minimum effective dose” of regulation — rules strict enough to protect investors but light enough to encourage experimentation. This balance, he argued, will be key to attracting companies back to the U.S.

Path to Super-Apps and Tokenized Markets

The reforms under Project Crypto could eventually clear the way for all-in-one digital finance platforms, where trading, staking, and lending exist under one regulatory umbrella. Atkins also pointed to tokenized securities and novel asset classes as areas ripe for development, saying they should be built on American soil for the benefit of American investors.

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This approach mirrors the trajectory of Bitcoin and Ethereum, both of which flourished after regulatory clarity paved the way for mainstream adoption. With Congress recently advancing a stablecoin law and pushing forward the Clarity bill to resolve jurisdictional disputes between the SEC and CFTC, momentum for comprehensive reform appears stronger than ever.

Next Steps

The SEC and CFTC will hold a joint roundtable on September 29 to discuss how to reintroduce advanced products such as perpetual contracts and DeFi services into regulated U.S. markets. Atkins also praised the ongoing work of SEC Commissioner Hester Peirce and the agency’s internal Crypto Working Group for helping shape practical guidelines on tokenization and staking.

By placing digital assets at the center of financial modernization, Atkins said the aim is to usher in a “golden age of financial innovation” with America setting the pace rather than playing catch-up.

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