US Securities and Exchange Commission Chair Paul Atkins said most crypto tokens are not securities. He made the statement on September 10 in Paris. He spoke at the OECD Roundtable.
Atkins said,
“It is a new day at the SEC.”
He added that policy will not rely on ad hoc enforcement actions. Instead, he said the agency will publish clear and predictable rules.
He also said,
“We will provide clear, predictable rules of the road so that innovators can thrive in the United States.”
He contrasted that approach with the prior administration’s crackdown. The remarks set the tone for a shift to rulemaking.
Project Crypto: One Framework for Trading, Lending, Staking
Paul Atkins unveiled Project Crypto. The program proposes one regulatory framework for trading, lending, and staking digital assets. It aims to place these activities under a unified rule set.
He said the President’s Working Group on Digital Asset Markets has delivered a “bold blueprint.” That blueprint informs the SEC plan. The agency will now align definitions, disclosures, market conduct, and prudential expectations.
The plan also targets consistent oversight across platforms. It addresses how activities move between broker-dealers, ATSs, and custodians. It seeks to reduce duplicate compliance across separate licenses.
Crypto Super App Platforms and Custody Options
The SEC is opening the door to “super-app” platforms. Under Project Crypto, one venue could list, lend, and stake digital assets. It would do so under a single rulebook.
Paul Atkins said these platforms should have flexibility in custody. He noted they could support multiple custody solutions. He framed this as the “minimum effective dose” of regulation to protect investors.
Paul Atkins stated,
“I believe regulators should provide the minimum effective dose of regulation needed to protect investors, and no more.”
Atkins added that duplicative rules burden smaller firms. He said the new approach should avoid barriers that only large incumbents can meet.
Atkins praised the European Union’s Markets in Crypto-Assets framework. He said MiCA provides a comprehensive digital assets regime. He also said US policymakers could learn from Europe’s early steps.
Atkins called for cross-border cooperation. Atkins said joint work would “facilitate more innovative markets.” He added, quoting Tocqueville, that collaboration can “extend the sphere” of freedom and prosperity.
His remarks positioned the SEC within a global conversation. They pointed to shared standards for disclosures and custody. They also pointed to shared oversight of token issuance and trading.
Banks and Capital: EBA Sets 1,250% Risk Weight for Unbacked Crypto
The European Banking Authority finalized rules for capital treatment last month. EU banks must hold significantly more capital against unbacked crypto assets. The draft standards now await European Commission review.
Under the proposal, unbacked assets like Bitcoin and Ether fall into “Group 2b.” They carry a 1,250 percent risk weight. That implies a full capital charge against exposures.
The EBA stance contrasts with recent moves elsewhere. In the US, the FDIC now allows supervised banks to engage in crypto activities without prior approval. In Switzerland, updated DLT laws support crypto custody and stablecoin guarantees.
On September 9, Fidelity launched the Fidelity Digital Interest Token on Ethereum. Ondo Finance said its OUSG short-term Treasuries fund is the sole anchor and largest investor. OUSG represents over 99 percent of FDIT’s assets.
Ondo disclosed that OUSG holds more than 730 million dollars in total value locked. It supports instant subscriptions and redemptions. It also accrues interest daily and runs across Ethereum, Solana, Ripple, and Polygon.
On-chain data showed about 202 million dollars of FDIT minted in early September. Reports said Ondo is a key investor in the token. OUSG uses FDIT alongside other tokenized money market funds.
Collateral Mix: BUIDL, BENJI, WTGXX, and ULTRA
Ondo said it earlier migrated most OUSG reserves into BlackRock’s BUIDL. It then diversified to add more tokenized funds. Its list includes Fidelity’s FDIT, Franklin Templeton’s BENJI, WisdomTree’s WTGXX, and Wellington/FundBridge ULTRA.
This mix shows how tokenized Treasuries now back on-chain vehicles. It also shows how large managers are entering the market. It supports a structure where multiple funds supply collateral.
Context from industry dashboards shows growth in tokenized Treasuries. The market has more than tripled in a year to roughly 7.5 billion dollars. Asset managers continue to add on-chain products.
Ondo said on September 9 that WisdomTree joined its Global Markets Alliance. WisdomTree reports about 131 billion dollars in assets under management. The membership appeared on Ondo’s official X account and in industry coverage.
The Alliance had expanded to 25 members by July. Names include BNB Chain, Bitget Global, LayerZero, Euler, and MEXC. The goal is distribution and standards for tokenized stocks and funds.
Trust Wallet announced on September 3 that it will surface tokenized US stocks and ETFs. It will do so inside its self-custody app for over 200 million users. The launch starts on Ethereum and comes with regional restrictions for the US, UK, and EU.
