According to Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), the majority of crypto tokens do not qualify as securities. He also unveiled a comprehensive strategy, termed “Project Crypto”, to bring crypto-related businesses, including trading, lending, and staking platforms, under a cohesive regulatory system.
Speaking at the Organization for Economic Cooperation and Development (OECD) Roundtable in Paris this past Wednesday, Atkins proclaimed, “The SEC is entering a new era.”
He went on to say that the agency will no longer rely on “ad hoc enforcement actions” to dictate policy, a clear departure from the previous administration’s tough stance on crypto businesses. Atkins emphasized that the aim is to “provide unambiguous and predictable guidelines, enabling innovation to flourish within the United States.”
Through Project Crypto, the SEC intends to modernize its existing securities regulations to effectively govern financial markets powered by blockchain technology. Atkins noted that the President’s Working Group on Digital Asset Markets has already provided a “groundbreaking plan” that will inform the SEC’s approach.
Related: SEC Approval Of Listing Standards Can Mainstream Crypto ETFs
SEC Indicates Support for Comprehensive Crypto Platforms
The SEC’s revised approach involves potentially allowing platforms to function as comprehensive “super-apps,” capable of handling trading, lending, and staking of digital assets under a unified regulatory structure. Atkins mentioned these platforms should also possess the latitude to provide a range of custody solutions.
“I believe regulators should impose the least restrictive level of regulation needed to sufficiently protect investors, and nothing more,” Atkins explained. “We must avoid overwhelming entrepreneurs with redundant regulations that only the largest, well-established companies can handle.”
Atkins also lauded the European Union’s Markets in Crypto-Assets (MiCA) framework, describing it as “a complete digital assets system.” He suggested that US policymakers could gain valuable insights from Europe’s initial regulatory actions.
The SEC leader advocated for international collaboration to “promote more pioneering markets.” He concluded, “By working together, as Alexandre de Tocqueville might suggest, we can ‘expand the reach’ of freedom and economic progress.”
Related: SEC delays decisions on Bitwise and Grayscale crypto ETFs until November
EU Strengthens Crypto Regulations for Banking Institutions
The European Banking Authority (EBA) recently finalized requirements mandating that banks within the EU maintain significantly higher capital reserves against non-backed cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH). These proposed regulatory standards are now under consideration by the European Commission.
According to the proposed structure, unbacked digital assets, including Bitcoin, will be classified as “Group 2b,” carrying a substantial 1,250% risk weight, implying banks must allocate a large amount of capital as a safety net.
The EBA’s cautious approach contrasts with actions taken in other parts of the world. In the United States, the FDIC now permits supervised banks to participate in crypto-related operations without needing prior authorization. Meanwhile, Switzerland has updated its Distributed Ledger Technology (DLT) laws to foster crypto custody and stablecoin assurance.
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