SEC Chair Advocates for Unified Crypto Regulation and ‘Super-Apps’
- SEC Chair Paul Atkins stated that “most crypto tokens are not securities” during a keynote at the OECD Roundtable.
- The SEC’s Project Crypto aims to modernize regulations to include trading, lending, and staking under one framework.
- Atkins introduced the concept of “super-apps” for digital assets, allowing platforms to offer multiple services under a single regulatory umbrella.
- The European Banking Authority has proposed requiring banks to hold a capital buffer of up to 1,250% against unbacked cryptocurrencies like Bitcoin.
- Atkins praised the EU’s Markets in Crypto-Assets (MiCA) framework as a model for comprehensive regulation in the US.
Atkins emphasized that clear regulations are essential for fostering innovation in the US crypto market while contrasting it with stricter EU measures on bank capital requirements for cryptocurrencies.
The SEC’s initiative reflects a shift towards more predictable rules, aiming to support innovators amidst evolving global standards like those proposed by the EBA for unbacked digital assets such as Ethereum.
