The United States aims to build a global crypto capital, reform the securities regulatory framework, and fully migrate financial markets on-chain.

Speaker: Paul S. Atkins, Chairman of the U.S. SEC

Compiled by: Alex Liu, Foresight News

The United States' Leadership in the Digital Financial Revolution

Good afternoon, everyone. Thank you, Norm, for the warm introduction, and thank you for inviting me to be here. I am very pleased to gather with all of you, especially at this critical moment when I believe the United States is demonstrating leadership in the crypto asset market. Before sharing some thoughts, I want to thank the America First Policy Institute for convening this timely discussion. Additionally, to reassure the compliance team, I must state that the views I express today are solely my own and do not necessarily represent the position of the SEC or other commissioners.

Today, I want to talk about what Commissioner Hester Peirce and I refer to as the "Project Crypto," which will serve as the North Star for the SEC in assisting President Trump in his historic effort to make the United States the "global crypto capital." But before discussing our plans for the dominance of the crypto market, I want to revisit some turning points in the history of capital market development, as they are quite similar to the juncture we find ourselves in now, and the future we shape should be worthy of the legacy we inherit.

From Sycamore Trees to Blockchains: The Evolution of Capital Markets

Innovation has always swept through our capital markets, sometimes like a hurricane. In 1792, it rustled the branches of a sycamore tree—under its shade, more than twenty stockbrokers gathered to sign an agreement that established the precursor to the New York Stock Exchange. That handwritten agreement on parchment, consisting of less than a hundred words, opened the door to an elegant system that has dominated the order of capital flow for generations.

For centuries, our markets have never stood still. They have expanded, evolved, and reshaped with contemporary ideas and technologies. The vibrancy of the market is due to human participation. Markets channel human creativity toward society's most challenging problems and reward those who develop the most valuable and popular solutions through incentive mechanisms. This is precisely how Adam Smith described the operation of the "invisible hand": even as individuals pursue their self-interest, the market can guide them toward serving the public good.

The SEC's duty is to protect such a market: one where human creativity and skills can benefit society. Throughout its history, the SEC has both fostered innovation and, regrettably, stifled it. Fortunately, the forces of progress will ultimately prevail. When our regulatory posture can embrace innovation with prudence rather than fear, America's leadership always rises to new heights.

In the 1960s—when I was not yet involved—Wall Street was in a bull market, but the behind-the-scenes market operations were often strained. Most clearing and settlement processes still relied on expensive and cumbersome procedures. Paper stock certificates piled up, needing to be transported by staff using carts, back and forth between Wall Street and financial centers across the United States.

This paper-based clearing and settlement system was designed for a more temperate era and clearly could not bear the rapidly growing transaction volume. Delays by one company could drag down the entire chain; securities were frequently lost or stolen; transaction failures surged; some capital-weak brokerages even faced bankruptcy due to trading interruptions. In desperation, trading hours were shortened, and exchanges even closed on Wednesdays just to give companies time to process the mountain of paper certificates.

The then-chairman of the SEC described this systemic collapse as "the most severe and prolonged crisis in the securities industry in 40 years… company bankruptcies, a sharp drop in investor confidence." It is commendable that the SEC responded actively at that time, prompting market participants to establish what we now know as the Depository Trust & Clearing Corporation (DTCC), fundamentally changing the way securities are held and traded.

Since then, there has been no need for paper certificates to circulate between clients and brokers, or between brokers. Securities ownership began to be recorded electronically. Certificates themselves were "frozen," securely stored in vaults, while ownership was transferred through computer systems, laying the groundwork for today's clearing and settlement systems.

Like this ticker tape beside me, which was a breakthrough in the dissemination of market information, allowing Americans to receive transaction information line by line in real-time. But innovation should not just be about past glories.

By the late 1990s, electronic trading systems became popular, shaking many assumptions of traditional market structures. At that time, SEC Chairman Arthur Levitt also believed that the SEC had a responsibility to provide regulatory flexibility for innovations in electronic markets. Thus, the Regulation ATS was introduced in 1999, allowing these systems to be regulated as broker-dealers rather than traditional exchanges.

This brings us to today—a moment that requires American ambition, a project that can unleash that ambition.

Our regulatory framework should not be fixed in the analog era, refusing to explore new frontiers. After all, the future is accelerating toward us, and the world will not wait for us. The United States cannot merely catch up with the digital asset revolution; we must lead it.

Creating the Future: America's Leadership in the Financial Golden Age

Today, I want to declare to the world that under my leadership, the SEC will not sit idly by while innovation flourishes overseas, and our own capital markets stagnate. To realize President Trump's vision of making the United States the global crypto capital, the SEC must consider the potential benefits and risks of migrating our markets from off-chain to on-chain.

We stand on the new threshold of capital market history. As I mentioned earlier, today I officially announce the launch of "Project Crypto," an initiative that spans the entire SEC, aimed at modernizing securities regulations to enable the full migration of America's financial markets on-chain.

Just weeks ago, President Trump signed the GENIUS Act, establishing a gold standard for regulation in the global payments space for stablecoins. After signing, he publicly supported Congress in passing crypto market structure legislation within the year. I commend the bipartisan support shown by the House in this process and look forward to the Senate further refining the relevant laws to establish a regulatory structure that protects against regulatory overreach and solidifies America's dominant position in the global crypto industry.

Yesterday, the President's Working Group on Financial Markets released the PWG Report, providing clear recommendations for the SEC and other federal agencies aimed at establishing a framework to maintain America's leadership in the crypto asset market. This report serves as a blueprint to ensure that the United States remains at the forefront of blockchain and crypto technology. As the President said last week, he hopes that "the whole world runs on the infrastructure of American technology." I am ready to help achieve this goal.

Therefore, I have launched Project Crypto and directed the SEC's policy team to work closely with the crypto working group led by Commissioner Peirce to swiftly develop a plan to implement the recommendations of the PWG Report. Project Crypto will ensure that the United States continues to be the most conducive country for entrepreneurship, developing cutting-edge technology, and participating in capital markets. We will bring back the crypto companies that fled the United States due to the previous administration's "enforcement over regulation" policy and "Operation Chokepoint 2.0." Whether established firms or newcomers, the SEC welcomes market participants eager to innovate.

Bringing Crypto Assets Back to the U.S.: A New Era for the SEC

Project Crypto will encompass a series of initiatives within the SEC.

First, we will work to bring crypto asset issuance back to the United States. The complex offshore company structures, pseudo-decentralized performances, and confusion over whether crypto assets are securities will become a thing of the past. President Trump has indicated that the United States is in its "golden age"—and under our new agenda, the crypto asset economy will also enter its golden age.

According to the recommendations of the PWG Report, one of my top priorities is to establish a regulatory framework for crypto asset issuance in the United States as soon as possible. Capital formation is one of the core missions of the SEC, but for a long time, the SEC has overlooked the market's demand for choice and has suppressed crypto-based financing models. This has led the crypto market to gradually distance itself from asset issuance, depriving American investors of the opportunity to participate in productive economic activities through this technology. The SEC's long-standing avoidance of crypto assets, "shoot first and ask questions later," should become a thing of the past.

Although the SEC's past position has been to view most crypto assets as securities, in reality, most crypto assets are not securities. However, due to the ambiguous applicability of the "Howey Test," some innovators have treated all crypto assets as securities out of caution. American entrepreneurs are leveraging blockchain technology to modernize various traditional systems and tools. For example, current U.S. Senator from Ohio and former entrepreneur Bernie Moreno founded a company before his campaign that put automobile titles on the blockchain. He recognized the efficiency issues in property transfer and proposed practical solutions using blockchain technology.

These entrepreneurs need and should have a clear set of criteria to help them determine whether their business is subject to securities law. I have directed the commission staff to develop clear guidelines to assist market participants in determining whether a crypto asset is a security or constitutes an investment contract. Our goal is to help them classify crypto assets based on these clear standards, such as digital collectibles, digital goods, or stablecoins, and assess the economic substance of their transactions. Through these classifications, market participants can determine whether the issuer has ongoing commitments or obligations, thereby assessing whether the asset constitutes an investment contract.

Furthermore, being classified as a security should not be the original sin of development. We need a regulatory framework that adapts to crypto securities, allowing these products to thrive in the U.S. market. Many issuers will prefer to utilize the product design flexibility provided by securities law, and investors will benefit from attributes of securities such as dividends and voting rights. Project teams should not be forced to establish DAOs, create offshore foundations, or decentralize too early in non-ideal stages. I am excited about the new applications of crypto securities in business, such as participating in blockchain consensus mechanisms through tokenized stocks.

Therefore, for those crypto asset transactions that indeed fall under the scope of securities law, I have asked the staff to propose specific disclosure requirements, exemption provisions, and "safe harbor" rules, including for so-called "initial coin offerings (ICOs)," "airdrops," and network reward programs. Our goal is to ensure that issuers no longer exclude U.S. users due to legal risks but choose to include U.S. users in their issuance plans to enjoy legal certainty and a friendly regulatory environment. I believe that as long as we adhere to this direction, we can expect a Cambrian explosion of innovation.

In addition, many companies wish to "tokenize" securities such as common stocks, bonds, and partnership interests, or tokenize securities issued by others. Due to regulatory barriers in the United States, most of these innovations occur overseas. At the same time, our policy department has received numerous applications—from well-known Wall Street firms to Silicon Valley unicorns—seeking approval to distribute security tokens within the United States. I have instructed the commission to work with these companies to provide regulatory exemptions where appropriate, ensuring that the U.S. is not left behind in crypto innovation.

Enhancing Freedom: Providing Diverse Custody and Trading Venue Options

Second, to achieve the President's goals, the SEC must ensure that market participants have maximum freedom in choosing custody and trading platforms. As I have pointed out, the right to own and self-manage private property is one of America's core values. I firmly believe that individuals have the right to use self-custody wallets to hold their crypto assets and participate in on-chain activities, such as staking. However, some investors will still choose to entrust their assets to SEC-registered intermediaries, such as brokers or investment advisors, which must meet additional regulatory requirements when providing custody services.

During my tenure, implementing the PWG Report's recommendations regarding "modernizing the SEC's custody obligations for registered intermediaries" will be a priority. The previous administration's "special purpose broker framework," SAB 121 document, and "Operation Chokepoint 2.0" have resulted in a near absence of compliant crypto asset custody service providers in the market today. Existing custody regulations do not take into account the characteristics of crypto assets. I have directed staff to explore how to adapt the current system, including providing exemptions or modifying rules when necessary, to promote the development of crypto asset custody services.

The PWG Report also recommends that market participants be allowed to conduct multi-line business under the most effective licensing structure. We cannot force them into an outdated "Procrustean bed" regulatory system. I support allowing them to freely choose the regulatory path that best suits their business while ensuring investor protection.

Promoting Super Apps: Achieving Horizontal Integration of Products and Services

Third, another important goal of my chairmanship is to allow market participants to innovate within the framework of "Super Apps." Many people ask me, "What is a Super App?" It's simple: securities intermediaries should be able to offer a diverse range of products and services on a single platform and under one license. A broker with an alternative trading system (ATS) should be able to simultaneously offer trading of non-security crypto assets, trading of security crypto assets, traditional securities services, as well as staking, lending, and other services, without needing to apply for licenses in over fifty states or multiple federal licenses.

Currently, federal securities laws do not prohibit registered trading platforms from listing non-security assets. I have instructed the commission staff to develop further guidance and plans to promote the implementation of such "Super Apps." Perhaps we will eventually name it "Reg Super-App."

According to the PWG Report's recommendations, the SEC should collaborate with other regulatory agencies to establish the most streamlined and efficient licensing system for registered intermediaries, avoiding subjecting them to multiple regulatory regimes simultaneously. This model has been widely adopted in the banking industry, where banks generally do not need to register as brokers or clearing agencies. Regulators should provide oversight with the minimum necessary dosage to protect investors while incentivizing business growth. We should not push companies overseas with excessive, paternalistic regulation, nor should we allow regulatory burdens to favor resource-rich large companies, thereby stifling the competitiveness of small and medium-sized enterprises.

Based on the specific recommendations of the PWG Report, I have instructed the commission to develop a framework that allows non-security crypto assets and security crypto assets to trade concurrently on the same SEC-regulated platform. Additionally, I have requested an assessment of how to utilize the commission's authority to allow certain crypto assets to be listed on non-SEC registered trading platforms. This will not only enable state-licensed platforms to offer more assets but will also provide margin functionality for CFTC-regulated platforms, even though Congress has not yet granted them additional authority, which will release greater liquidity.

Unlocking the Potential of the U.S. Market: A Beautiful and Powerful On-Chain Software System

Fourth, I have directed the commission staff to update outdated regulatory rules to unlock the potential of on-chain software systems in the U.S. securities market. On-chain software comes in various forms—some systems are truly decentralized and do not rely on any intermediaries for operation; others are maintained by specific operators. Regardless of the form, they should have a place in our financial markets.

Any regulatory framework for the market structure of crypto assets must provide a clear path for on-chain software developers that do not rely on centralized intermediaries. Decentralized finance (DeFi) software systems—such as automated market makers (AMMs)—can facilitate automated, non-intermediated financial market activities. U.S. federal securities law has traditionally assumed the presence of intermediaries that require regulation in the market, but that does not mean we should forcibly introduce intermediaries just to conform to outdated regulatory logic. If the market can operate without intermediaries, we should respect that.

We will leave room for the development of both centralized and decentralized models in the U.S. market. We will protect developers who simply publish software code, clearly delineating the line between intermediary participation and non-intermediated activities, and establish clear, workable regulatory rules for intermediaries wishing to operate on-chain software systems. DeFi and other on-chain software systems will become part of our securities market, rather than being stifled by redundant or excessive regulation.

To realize this vision, we need to amend existing rules. For example, to support on-chain trading of securities, we may need to revise Regulation NMS. In fact, twenty years ago, I co-authored a dissenting opinion against Reg NMS with then-Commissioner Cynthia Glassman, and today, the concerns we raised back then are even more relevant. Over the past two decades, the excessive requirements imposed by Reg NMS have distorted market activities and hindered the natural evolution of the U.S. securities market. Congress envisioned that "competitive forces, not excessive regulation," would drive the development of the national market system. I will work to push us back to that original intent, further promoting innovation and competition in the market.

Driving Innovation: Commercial Viability is Our North Star

Finally, innovation and entrepreneurship are the engines of the American economy. President Trump has called America a "nation of builders." Under my leadership, the SEC will encourage this spirit rather than suppress it with red tape and one-size-fits-all rules. The current commission is actively considering some reform proposals put forth by the industry to stimulate innovation; at the same time, we are exploring the introduction of an "innovation exemption mechanism"—allowing both registered and unregistered entities to quickly bring new business models and services to market, even if these models do not fully align with existing rules.

In my vision, this innovation exemption mechanism will allow technological pioneers and business innovators to immediately participate in the market without having to comply with cumbersome regulations that are outdated or hinder economic activity. Correspondingly, they will need to adhere to some principle-based conditions to achieve the core policy goals of federal securities law. These conditions may include commitments to report regularly to the SEC, introducing whitelist or "certification pool" functions, and allowing only securities tokens that meet compliance functionality standards (such as ERC3643) to circulate. I encourage market participants and SEC staff to keep "commercial viability" as a core consideration when developing models.

Conclusion

As we advance these priorities, I look forward to collaborating with other government departments to work together to make the United States the global crypto capital. This is not just a transformation of regulatory models; it is a cross-generational opportunity.

From the paper agreement under the sycamore tree to electronic ledgers on the blockchain, the winds of innovation continue to blow strong. Our mission is to ensure that this wind continues to propel America's leadership forward. After all, ladies and gentlemen, we have never been satisfied with following others. We will not stand on the sidelines. We will lead the way. We will build it ourselves. And we will ensure that the next chapter of financial innovation is written in America.

Thank you very much for listening today. Please stay tuned for our upcoming announcements and proposals, and I welcome your valuable suggestions and feedback as always.

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