SEC Chair: The Era of Crypto Has Arrived!

In the late 1980s, I worked about four kilometers from where we are meeting today, at Lafayette Square. At that time, I could never have imagined that one day I would return here in my current capacity to discuss technologies that were once denied or even resisted, but are now revolutionizing global finance.

Here, just steps away from Hugo Avenue, I can't help but think of Victor Hugo's famous quote: "An invasion of armies can be resisted, but not an invasion of ideas."

Ladies and gentlemen, today we must acknowledge: the era of crypto has arrived.

For a long time, the SEC has weaponized investigations, subpoenas, and enforcement powers to stifle the crypto industry. This approach has not only been ineffective but has also caused harm—it has forced jobs, innovation, and capital to flee. American entrepreneurs have borne the brunt, compelled to spend significant resources on legal defenses rather than business development. This chapter has become history.

Today, the SEC welcomes a new dawn. Policy will no longer be dictated by ad hoc enforcement actions. We will provide clear and predictable road rules to help innovators thrive in the United States. President Trump has tasked me and my colleagues in the government with building the United States into the global capital of crypto—while the President's Digital Asset Market Working Group has developed an ambitious blueprint to guide our efforts.

As Congress drafts comprehensive legislation, the working group has directed U.S. regulators to act swiftly to modernize our outdated rule framework. The SEC is implementing this task through "Project Crypto," a comprehensive reform of securities rules aimed at updating securities regulations to enable our markets to migrate on-chain.

Our priorities are clear:

• We must provide certainty regarding the securities characteristics of crypto assets. The vast majority of crypto tokens are not securities, and we will draw clear lines.
• We must ensure that entrepreneurs can raise funds on-chain without facing endless legal uncertainty.
• We must allow "super-app" type trading platforms to innovate, giving market participants more choices. These platforms should be able to offer trading, lending, and staking services under a single regulatory framework.

Investors, advisors, and brokers should also have the right to freely choose from diverse custody options. Meanwhile, according to a recent working group report, the SEC will collaborate with other agencies to ensure that platforms can provide trading, staking, and lending services for crypto assets (whether or not they are securities) under a single regulatory framework. I believe that regulation should provide the "minimum effective dose" of protection needed for investors, and nothing more.

We should not burden entrepreneurs with redundant red tape that only benefits the largest incumbents. By unleashing competition among venues and products, we can help American companies compete fairly on the global stage.

As President Trump has said, America is a "builder's country." During my tenure as chair, the SEC will encourage builders rather than stifle them with red tape. Our goal is simple: to ignite a golden age of financial innovation on American soil. Whether it’s tokenized stock ledgers or entirely new asset classes, we want these breakthroughs to be born in the U.S. market, under U.S. regulation, and ultimately benefit American investors.

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