The Dawn of Crypto Assets: SEC’s Bold Step Towards a Digital Financial Future

In a landmark announcement, the U.S. Securities and Exchange Commission (SEC) Chair Paul S. Atkins declared that the era of crypto assets is undeniably upon us. Speaking at the inaugural OECD Global Financial Markets Roundtable in Paris on September 10, 2025, Atkins underscored the SEC’s commitment to innovation and international cooperation in the digital finance landscape.

Atkins highlighted the SEC’s core mission of investor protection, fair markets, and capital formation, while acknowledging the pivotal role of digital assets and AI in shaping the future of finance. “The time to recognize the ascent of crypto assets is now,” Atkins asserted, setting the stage for transformative regulatory changes.

Reforming Foreign Listings to Ensure Market Fairness

The SEC plans to reform listing rules for foreign companies to uphold fairness and investor protection. Atkins noted the increase in companies incorporating in jurisdictions like the Cayman Islands while operating elsewhere, raising concerns about information asymmetry. The SEC seeks public feedback on introducing thresholds like “minimum foreign trading volume.” These changes aim not to deter foreign listings but to ensure comprehensive investor information and market equity.

Maintaining Robust Accounting Standards

Atkins reaffirmed the importance of high-quality accounting standards, revisiting the 2007 policy that allowed foreign firms to use IFRS without converting to U.S. GAAP, contingent on the IASB’s independence and stable funding. Recent expansions by the IFRS Foundation risk undermining this stability, leading Atkins to consider revisiting the policy if core accounting functionalities become marginalized.

Critique of EU Sustainability Regulations

Atkins criticized the EU’s new Corporate Sustainability Reporting and Due Diligence Directives, which emphasize “double materiality.” This approach considers both financial impacts on investors and environmental and social effects, potentially increasing costs and reporting burdens for U.S. firms. He advocated for a focus on “financial materiality” to ease the regulatory load and attract businesses.

Introducing Project Crypto: A New Frontier

The highlight of Atkins’ address was “Project Crypto,” a comprehensive regulatory modernization initiative positioning the U.S. as a global hub for digital assets. He criticized the SEC’s past “enforcement-first” stance, which stifled innovation. The new era will see a shift towards clear, predictable regulations that differentiate between securities and non-securities among crypto tokens, facilitating innovation within a unified regulatory framework.

Global Standards Through Collaboration

Atkins praised the EU’s leading role in digital asset regulation, particularly through its MiCA framework, suggesting the U.S. could learn from Europe. He called for cross-border collaboration to integrate global markets, emphasizing the inherently international nature of blockchain technology and the potential for U.S.-EU partnerships to drive innovation in payments and capital markets.

The Intersection of AI and Blockchain: A New Era of “Agentic Finance”

Atkins predicted a future dominated by “agentic finance,” where AI autonomously manages transactions and capital allocation, incorporating regulatory-compliant smart contracts. The convergence of AI and blockchain will radically cut costs, enhance efficiency, and democratize institutional-level asset management capabilities for individual investors. He urged minimal regulatory intervention to ensure innovation continues unabated.

In closing, Atkins declared this the beginning of a new SEC era dedicated to balancing investor protection with innovation. Through blockchain-based capital markets and AI finance, the U.S. aims to foster groundbreaking innovation under American regulation for the benefit of global investors.

“Our mission is clear—nurture groundbreaking innovations in America, overseen by American regulatory principles, to benefit the global investor community,” Atkins concluded, promising renewed collaboration with international partners for prosperity.