At the inaugural OECD Global Financial Markets Roundtable held recently in Paris, France, U.S. Securities and Exchange Commission (SEC) Chair Paul S. Atkins delivered a speech that drew worldwide attention. Unlike the SEC’s cautious — even adversarial — stance toward crypto in recent years, Atkins’ message this time was unmistakably clear.

He stated bluntly: “The era of cryptocurrencies has arrived.” He further emphasized that most crypto tokens are not securities, and that the United States must provide entrepreneurs with clear rules for financing and trading — rather than letting them wander in a gray zone. At the same time, he introduced Project Crypto, a plan aimed at modernizing the securities regulatory framework end-to-end and, for the first time, placed artificial intelligence (AI) and blockchain together in a future vision of finance on the global stage.

This speech isn’t just about a shift in regulatory tone; it could become a watershed moment for the next decade of U.S. capital markets. Below is a comprehensive breakdown from several angles.

Over the past decade, the SEC’s approach to crypto has wavered. More often than not, it has leaned toward classifying tokens as securities and has frequently relied on enforcement actions to clamp down on crypto firms. Giants like Coinbase and Ripple have long been locked in regulatory tug-of-war due to the SEC’s hardline stance.

In this speech, however, Atkins made one core point crystal clear:

• Most crypto tokens are not securities.

• The SEC will draw clear boundaries and provide explicit standards, rather than rely on “enforcement by ambiguity.”

• Entrepreneurs must be able to raise capital on-chain without living under perpetual legal uncertainty.

What does this mean?

• Compliance pathways for fundraising open up: Until now, many U.S. blockchain startups had to set up overseas entities or design convoluted structures to skirt U.S. rules. Once lines are clearly drawn, they can finance directly in the U.S.

• Market confidence strengthens: Investors fear policy risk most. When the SEC Chair publicly says “not all tokens are securities,” it’s essentially a market-wide reassurance.

• A shift from “enforcement first” to “rules first”: For the entire industry, this marks a transition from fear to order.

Put simply, this shift could directly propel the U.S. to become the new global center of crypto innovation.

Throughout the speech, Atkins repeatedly referenced Project Crypto — an ambitious SEC-led initiative whose goals are to:

• Modernize the securities regulatory framework comprehensively;

• Build on-chain capital markets;

• Allow trading, lending, staking, and related services to operate under one unified framework.

In other words, financial services that used to be strictly siloed could be integrated into a more efficient, unified system. In the crypto world, this model is often dubbed a “super app.”

Example:

Today in the U.S., to buy stocks you go through a broker, to borrow you go to a bank or lender, and if you want staking or yield products, there are virtually no compliant channels. In the future envisioned by the SEC, you might do everything on one platform — and entirely on-chain.

This isn’t just a regulatory upgrade — it’s a digital revolution in the financial system.

Another highlight: Atkins paired AI and blockchain in the same breath and introduced the concept of “Agency Finance.”

His vision:

• AI will become the executor of automated finance — conducting trading, risk management, and capital allocation at speeds far beyond human capacity.

• Blockchain provides a transparent, auditable foundation for settlement and compliance.

Together, the market could evolve toward self-running financial agents with minimal human intervention. It may sound sci-fi, but the trend is already visible:

• Major Wall Street banks are using AI for quantitative strategies.

• In DeFi, smart contracts already shoulder part of the “automated oversight” function.

When these two truly merge, we may see entirely new financial paradigms. For example, an AI agent could automatically allocate your portfolio — stocks, tokens, bonds, even NFTs — while every action is recorded on-chain in real time, both compliant and transparent.

For everyday investors, this means Wall Street-grade strategies could finally become democratized.

Atkins also called out the EU’s MiCA framework — arguably the most complete crypto regulatory regime in force globally — and noted its ongoing rollout in Europe.

He said:

• The U.S. needs to learn from Europe, especially the clarity MiCA provides.

• International cooperation is essential; blockchain is inherently global and cannot be policed by one country alone.

Implications:

In the future, the U.S. and Europe may push cross-border compliant frameworks in tandem. If the two largest financial blocs converge on crypto regulation, other regions will be compelled to follow. This would push global digital assets into a new era of compliant internationalization.

• A fundamental shift in regulatory posture: The era of “enforcement first” gives way to an era of clear, knowable rules.

• The U.S. may reclaim the crypto innovation hub: In the last two years, Dubai, Singapore, and Hong Kong lured many crypto firms with friendly policy. If the SEC offers stable rules, the U.S. could draw capital and companies back.

• A digital restructuring of capital markets: Trading, lending, staking, and more operating under one platform and one framework will massively raise efficiency and reshape competition.

• A new AI + blockchain paradigm: Once AI marries on-chain finance, the capital markets of tomorrow may look nothing like today’s.

• Acceleration of global compliance trends: If the U.S. and Europe reach consensus, the global regulatory map for digital assets will be rewritten.

• More compliant products: In the future, within a compliant framework, you may directly buy tokenized Apple, Microsoft, or even AI-driven portfolio funds.

• Lower risk: Less fear of “stepping on landmines” due to unpredictable SEC enforcement.

• Clearer funding channels: The ability to raise capital legally within the U.S.

• More room to innovate: Super apps, AI-powered financial services, and more may be explicitly permitted to explore.

• Enormous transformation pressure: Those who don’t keep pace with blockchain and AI risks may be overtaken by new platforms.

As Atkins quoted Victor Hugo: “People can resist the invasion of an army, but not the invasion of an idea.”

Crypto was once rejected, suppressed, and marginalized. Now it is becoming part of the global financial system. This time, the United States is not choosing resistance — but leadership.

From Project Crypto, to AI-driven agency finance, to regulatory cooperation with Europe, the signal from this speech is unambiguous: the crypto era has truly arrived.

At the inaugural OECD Global Financial Markets Roundtable held recently in Paris, France, U.S. Securities and Exchange Commission (SEC) Chair Paul S. Atkins delivered a speech that drew worldwide attention. Unlike the SEC’s cautious — even adversarial — stance toward crypto in recent years, Atkins’ message this time was unmistakably clear.

He stated bluntly: “The era of cryptocurrencies has arrived.” He further emphasized that most crypto tokens are not securities, and that the United States must provide entrepreneurs with clear rules for financing and trading — rather than letting them wander in a gray zone. At the same time, he introduced Project Crypto, a plan aimed at modernizing the securities regulatory framework end-to-end and, for the first time, placed artificial intelligence (AI) and blockchain together in a future vision of finance on the global stage.

This speech isn’t just about a shift in regulatory tone; it could become a watershed moment for the next decade of U.S. capital markets. Below is a comprehensive breakdown from several angles.

Over the past decade, the SEC’s approach to crypto has wavered. More often than not, it has leaned toward classifying tokens as securities and has frequently relied on enforcement actions to clamp down on crypto firms. Giants like Coinbase and Ripple have long been locked in regulatory tug-of-war due to the SEC’s hardline stance.

In this speech, however, Atkins made one core point crystal clear:

• Most crypto tokens are not securities.

• The SEC will draw clear boundaries and provide explicit standards, rather than rely on “enforcement by ambiguity.”

• Entrepreneurs must be able to raise capital on-chain without living under perpetual legal uncertainty.

What does this mean?

• Compliance pathways for fundraising open up: Until now, many U.S. blockchain startups had to set up overseas entities or design convoluted structures to skirt U.S. rules. Once lines are clearly drawn, they can finance directly in the U.S.

• Market confidence strengthens: Investors fear policy risk most. When the SEC Chair publicly says “not all tokens are securities,” it’s essentially a market-wide reassurance.

• A shift from “enforcement first” to “rules first”: For the entire industry, this marks a transition from fear to order.

Put simply, this shift could directly propel the U.S. to become the new global center of crypto innovation.

Throughout the speech, Atkins repeatedly referenced Project Crypto — an ambitious SEC-led initiative whose goals are to:

• Modernize the securities regulatory framework comprehensively;

• Build on-chain capital markets;

• Allow trading, lending, staking, and related services to operate under one unified framework.

In other words, financial services that used to be strictly siloed could be integrated into a more efficient, unified system. In the crypto world, this model is often dubbed a “super app.”

Example:

Today in the U.S., to buy stocks you go through a broker, to borrow you go to a bank or lender, and if you want staking or yield products, there are virtually no compliant channels. In the future envisioned by the SEC, you might do everything on one platform — and entirely on-chain.

This isn’t just a regulatory upgrade — it’s a digital revolution in the financial system.

Another highlight: Atkins paired AI and blockchain in the same breath and introduced the concept of “Agency Finance.”

His vision:

• AI will become the executor of automated finance — conducting trading, risk management, and capital allocation at speeds far beyond human capacity.

• Blockchain provides a transparent, auditable foundation for settlement and compliance.

Together, the market could evolve toward self-running financial agents with minimal human intervention. It may sound sci-fi, but the trend is already visible:

• Major Wall Street banks are using AI for quantitative strategies.

• In DeFi, smart contracts already shoulder part of the “automated oversight” function.

When these two truly merge, we may see entirely new financial paradigms. For example, an AI agent could automatically allocate your portfolio — stocks, tokens, bonds, even NFTs — while every action is recorded on-chain in real time, both compliant and transparent.

For everyday investors, this means Wall Street-grade strategies could finally become democratized.

Atkins also called out the EU’s MiCA framework — arguably the most complete crypto regulatory regime in force globally — and noted its ongoing rollout in Europe.

He said:

• The U.S. needs to learn from Europe, especially the clarity MiCA provides.

• International cooperation is essential; blockchain is inherently global and cannot be policed by one country alone.

Implications:

In the future, the U.S. and Europe may push cross-border compliant frameworks in tandem. If the two largest financial blocs converge on crypto regulation, other regions will be compelled to follow. This would push global digital assets into a new era of compliant internationalization.

• A fundamental shift in regulatory posture: The era of “enforcement first” gives way to an era of clear, knowable rules.

• The U.S. may reclaim the crypto innovation hub: In the last two years, Dubai, Singapore, and Hong Kong lured many crypto firms with friendly policy. If the SEC offers stable rules, the U.S. could draw capital and companies back.

• A digital restructuring of capital markets: Trading, lending, staking, and more operating under one platform and one framework will massively raise efficiency and reshape competition.

• A new AI + blockchain paradigm: Once AI marries on-chain finance, the capital markets of tomorrow may look nothing like today’s.

• Acceleration of global compliance trends: If the U.S. and Europe reach consensus, the global regulatory map for digital assets will be rewritten.

• More compliant products: In the future, within a compliant framework, you may directly buy tokenized Apple, Microsoft, or even AI-driven portfolio funds.

• Lower risk: Less fear of “stepping on landmines” due to unpredictable SEC enforcement.

• Clearer funding channels: The ability to raise capital legally within the U.S.

• More room to innovate: Super apps, AI-powered financial services, and more may be explicitly permitted to explore.

• Enormous transformation pressure: Those who don’t keep pace with blockchain and AI risks may be overtaken by new platforms.

As Atkins quoted Victor Hugo: “People can resist the invasion of an army, but not the invasion of an idea.”

Crypto was once rejected, suppressed, and marginalized. Now it is becoming part of the global financial system. This time, the United States is not choosing resistance — but leadership.

From Project Crypto, to AI-driven agency finance, to regulatory cooperation with Europe, the signal from this speech is unambiguous: the crypto era has truly arrived.