365Crypto
The head of the U.S. SEC, Paul Atkins, just made waves in Paris. Speaking at the OECD, he said most crypto tokens don’t qualify as securities. That’s a big shift in tone for the regulator.
A Fresh Approach
Atkins declared “a new day at the SEC.” He promised to replace random enforcement with clear rules. He said innovators need fair guidelines, not endless lawsuits.
Project Crypto
The SEC is rolling out “Project Crypto,” a plan to merge trading, lending, and staking into one regulatory framework. Atkins noted the President’s working group already delivered a bold blueprint to guide the effort.
Rise of Super-Apps
The SEC wants to let platforms act as “super-apps” for crypto. These apps could handle trading, lending, and staking under one roof. They may also offer different custody options to suit investors.
Atkins stressed regulators should apply only the minimum rules needed to protect investors. “No more burdens designed for giant incumbents,” he added with a jab at big banks.
Looking Abroad
He praised Europe’s MiCA law as a comprehensive framework. He said the U.S. should learn from Europe’s early action. Atkins also called for international cooperation, quoting Tocqueville on expanding freedom and prosperity.
Banks Face Stricter Rules in Europe
Meanwhile, the EU Banking Authority (EBA) finalized new rules for banks holding unbacked crypto like Bitcoin and Ether. They must now set aside heavy capital reserves, with BTC classified in the riskiest group.
The EBA’s strict stance stands in contrast to the U.S. FDIC, which now lets banks deal with crypto without prior approval. Switzerland also updated laws to boost crypto custody and stablecoin guarantees.
