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SEC Chair Paul Atkins Unveils 'Project Crypto,' Says Most Tokens Are Not Securities

The initiative pivots oversight to rulemaking with SECCFTC talks on advanced crypto products set for September 29.

Overview

  • Speaking at the OECD Roundtable in Paris, Atkins announced Project Crypto to modernize U.S. rules for digital assets and reduce reliance on case-by-case enforcement.
  • Under the proposal, crypto platforms could operate as integrated “super-apps” that combine trading, lending, and staking within a single regulatory structure.
  • Firms would be allowed to offer multiple custody models for investors as the SEC develops clearer, predictable standards for digital asset markets.
  • Atkins cited the EU’s MiCA regime as a reference point and called for closer international coordination on cross‑border crypto rules.
  • The SEC plans to align its approach with the CFTC and Congress, with a joint roundtable on September 29 to discuss reintroducing products like perpetual contracts and certain DeFi services into regulated markets.