SEC Chair: Most encryption tokens are not securities, promoting "super app" platform to reshape regulatory landscape

Paul Atkins, the chairman of the SEC, made significant remarks at the OECD roundtable in Paris, clearly stating that "most crypto assets do not qualify as securities," and announced the push for a unified regulatory framework that encompasses trading, lending, and staking, introducing a "super app" model to the crypto industry. This stance contrasts sharply with the previous enforcement-focused regulatory approach, indicating that the U.S. is moving towards a more open and predictable crypto policy.

Regulatory Approach Shifts to 'Clear Rules' Instead of Temporary Enforcement

Atkins emphasized in his speech that the SEC will no longer rely on temporary enforcement actions to formulate encryption policies, but rather provide "clear and predictable rules" that allow innovators to develop peacefully in the U.S. market. He pointed out that this is the SEC's "new starting point" and will promote the modernization of securities regulation through the "crypto project" program to adapt to the blockchain-driven financial markets.

Super Application platform concept: One-stop integration of trading, lending, and staking

The SEC's latest strategy allows platforms to provide services such as digital asset trading, lending, and staking under a unified regulatory framework, while also having the flexibility of diverse custody solutions.

Atkins stated that regulation should "protect the minimum necessary for investors," avoiding placing burdensome compliance costs on entrepreneurs that only large companies can bear. He also praised the EU's MiCA framework, believing that the U.S. could learn from its comprehensive digital asset system.

International Regulatory Cooperation and Global Market Impact

Atkins calls for strengthened international regulatory cooperation to promote the healthy development of innovative markets. He quotes the political thinker Alexis de Tocqueville, emphasizing that through joint efforts, we can "broaden the realm of freedom and prosperity."

Currently, the global regulatory environment is showing divergence: the European Banking Authority (EBA) requires banks to hold higher capital reserves for unsecured crypto assets like Bitcoin and Ethereum; the US FDIC allows regulated banks to engage in crypto business without prior approval; Switzerland has updated its DLT laws to support crypto custody and stablecoin safety.

Potential Impact on the Crypto Industry

Industry analysis suggests that the SEC's new stance may inject confidence into the U.S. crypto market, attracting more innovative projects and capital inflow. At the same time, if the "super app" model is implemented, it is expected to change the competitive landscape between exchanges and financial service providers, and promote the integrated development of compliant DeFi and CeFi.

Conclusion

The statement by SEC Chairman Atkins marks a new phase in U.S. crypto regulation, shifting from "high-pressure enforcement" to "clarification of rules." With deeper international regulatory cooperation and the advancement of the "super app" concept, the U.S. crypto market may usher in a more inclusive and innovative regulatory era.