U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has laid out his most detailed vision yet for the future of crypto regulation, declaring that “crypto’s time has come.” Speaking at the OECD’s Roundtable on Global Financial Markets in Paris on 10 September, Atkins outlined plans for “Project Crypto,” a sweeping initiative aimed at bringing financial markets on-chain while ensuring innovation thrives on U.S. soil.

The speech marks a sharp departure from the SEC’s traditional enforcement-driven approach, signalling a pivot towards clear, proactive rulemaking for digital assets, custody and trading platforms.

From Enforcement to Rules: A New SEC Playbook

Atkins told the audience that the SEC is shifting away from ad hoc enforcement actions to a transparent framework designed to provide certainty for entrepreneurs and investors.

“Policy will no longer be set by enforcement,” Atkins said. “This is the golden age of financial innovation on U.S. soil.”

Key elements of the new framework include:

• Clear definitions for when a crypto asset qualifies as a security.
• Bright-line rules allowing capital to be raised on-chain without endless legal uncertainty.
• Unified licences for platforms that combine trading, lending and staking.
• Updated custody rules giving investors and intermediaries multiple options.

Atkins stressed that most tokens are not securities, setting the stage for a friendlier regulatory climate that prioritises growth and innovation over litigation.

Project Crypto: On-Chain Capital Markets

The centrepiece of the SEC’s new approach is Project Crypto, first announced in Washington in July and described by Atkins as the agency’s “north star.” The project seeks to modernise U.S. financial markets by integrating blockchain technology into capital formation and securities trading.

Under Project Crypto, the SEC will:

• Enable tokenised securities and new on-chain asset classes.
• Support decentralised finance (DeFi) software with built-in investor protections.
• Establish a regulatory framework for “super-app” trading platforms, where users can trade, lend, stake and custody assets seamlessly.

Atkins underscored the urgency of keeping innovation within the U.S., warning that without a supportive regulatory framework, capital and talent could shift overseas.

Industry Momentum: Nasdaq and Beyond

Atkins’ remarks come as traditional financial institutions ramp up their blockchain efforts. Just two days earlier, Nasdaq President Tal Cohen called tokenisation an “extraordinary opportunity” in a LinkedIn post, revealing that Nasdaq has filed with the SEC to enable trading of tokenised securities.

This convergence of regulatory support and institutional interest suggests that blockchain-based financial markets may be approaching a tipping point. With the SEC setting clearer rules and major players like Nasdaq signalling readiness, the groundwork is being laid for broader adoption of tokenised financial instruments.

Beyond Crypto: AI, Accounting and Global Standards

While crypto dominated Atkins’ Paris address, he also tackled broader financial policy issues. A major theme was the rise of artificial intelligence in markets, which he described as paving the way for “agentic finance.”

In this model, autonomous AI systems could execute trades, allocate capital and manage risk at speeds far beyond human capability. Crucially, compliance would be embedded directly into their code, potentially reducing costs and levelling the playing field for investors.

“These systems could deliver faster and cheaper markets while opening advanced strategies to a broader set of investors,” Atkins said. When combined with blockchain, AI-driven finance could empower individuals, enhance competition and unlock new growth opportunities.

Atkins also raised concerns over the EU’s “double materiality” reporting rules, urged stable funding for the International Accounting Standards Board (IASB) and hinted the SEC may revisit its 2007 decision to allow IFRS without U.S. GAAP reconciliation if funding challenges persist.

Striking a Balance

Atkins concluded by urging regulators to avoid overreaction, warning that fear-driven responses could stifle innovation. He emphasised the need for “commonsense guardrails” that protect investors while allowing experimentation with new technologies.

“On-chain capital markets and AI-driven finance are no longer distant visions; they are on the horizon,” Atkins said. “America must choose leadership to ensure the next generation of financial innovation takes root at home.”

With Project Crypto, the SEC is positioning itself as a facilitator of this transformation, aiming to ensure that U.S. markets lead the charge rather than playing catch-up.