SEC Under Paul Atkins: The Era of “Super Apps” and the Reshaping of the Crypto Regulatory Framework
A major shift has just occurred in digital asset regulation policy in the United States. At the OECD conference in Paris, SEC Chairman Paul Atkins asserted that most crypto tokens should not be considered securities, while introducing a bold vision to create a unified framework for trading, lending, and staking.
From tough enforcement to supporting innovation
Atkins’ remarks were seen as a sharp reversal from the time of former Chairman Gary Gensler, who was famous for his “regulation by enforcement” strategy. Instead of pitting the fledgling industry against each other, the SEC under Atkins aimed for transparent, predictable regulation that would give entrepreneurs and developers the confidence to build products.
“The job of regulators is not to stifle innovation, but to put in place enough barriers to protect investors,” he stressed.
“Super-app” – a new vision for the US market
At the heart of the SEC’s plan is the super-app model, which allows the integration of many services such as:
Spot trading and derivatives.
Lending collateralized by digital assets.
Staking with high security mechanisms.
Multiple custody solutions, from self-custody to professional services.
According to Bernstein’s assessment, this could be “the boldest proposal in the SEC’s history related to crypto”, opening up opportunities for the US to compete directly with the European Union’s MiCA legal framework.
Global implications
If implemented, this approach would:
Limit the outflow of talent and capital – a prominent issue during the previous period of heavy enforcement.
Restore the US to a central position in the global blockchain ecosystem, competing on equal terms with Europe and Asia.
Promote international cooperation to build a common set of standards, reducing the risk of “patchwork” between markets.
Atkins also expressed admiration for the EU’s MiCA framework, considering it a useful reference in the process of modernizing US securities laws.
Challenges ahead
However, not everyone agrees. Consumer advocacy groups warn of the risk of “over-loosening” that will benefit Wall Street giants while leaving retail investors vulnerable. In addition, strict regulations from international organizations, such as the European Central Bank’s high capital requirements, can create a disparity in compliance pressure between regions.
Conclusion
Paul Atkins’ move is not just a policy change, but a signal of a new era: the US wants to move from a “blocking” position to a “leading” position in the blockchain industry. If successful, the “super app” model could become the foundation of a global digital financial ecosystem – where innovation and security coexist.