SEC Chair: Supporting Crypto “Super-Apps” and Streamlined Regulation Could Transform Capital Markets

The U.S. Securities and Exchange Commission (SEC) is preparing to reshape its approach to cryptocurrency market oversight. SEC Chair Paul Atkins stated that most crypto tokens are not securities and openly endorsed the idea of raising capital directly on the blockchain without unnecessary legal barriers.

Super-apps as the future of crypto During his speech at the OECD in France on September 10, Atkins declared:

“We must enable innovation in ‘super-app’ trading platforms that will expand choice for market participants.” According to Atkins, these platforms should allow users to trade, store, lend, borrow, stake, and invest in digital assets all in one place. In practice, this would create comprehensive applications that integrate services currently fragmented across multiple providers.

Slimmer and unified regulation Atkins stressed that the current approach — where each crypto activity, from trading and brokerage to custody and staking, is assessed separately — is overly complex and costly. He proposed a single, simplified regulatory framework that would reduce compliance burdens, particularly for smaller, innovative projects.

“Regulators should provide the minimum effective dose of regulation needed to protect investors – and no more. We should not burden entrepreneurs with duplicative rules that only the largest incumbents can manage,” he explained. According to Atkins, such a framework could pave the way for a new era of on-chain capital markets, enabling companies to issue tokenized stocks or bonds more easily.

Project Crypto: moving toward clarity Atkins’ remarks tie into the Project Crypto initiative, through which the SEC, in collaboration with the CFTC, is working on rules to bring financial markets onto blockchain. Alongside the Crypto Sprint program, regulators have promised greater clarity in the coming weeks. Meanwhile, a political debate in Congress is underway, where Republicans are pushing for a new market structure bill for cryptocurrencies. Some Democrats, however, warn that moving too quickly could lead to mistakes and argue for a slower but more thorough rulemaking process.

Diverging views within the SEC There are also internal divisions at the SEC. While Atkins pushes for flexibility, Commissioner Caroline A. Crenshaw warned back in June:

“With such complex and high-risk issues, it is better to do things right than fast. We must address them through a legally approved rulemaking process.”

Conclusion The SEC now stands at a crossroads: it can either embrace streamlined regulation that fosters the rise of crypto super-apps and blockchain-based capital markets, or it can move cautiously with a slower, more rigid framework. One thing is certain – the outcome will determine whether the U.S. crypto sector becomes a hub of innovation or remains constrained by regulatory red tape.

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