In a historic keynote at the Organization for Economic Cooperation and Development’s (OECD) annual policy forum in Paris this week, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins declared that “Crypto’s time has come,” pledging a bold new vision for the future of digital asset regulation. Atkins outlined a framework for a more regulated, transparent, and accessible global marketplace driven by blockchain-based finance — coining the agency’s sweeping initiative Project Crypto.

This speech marks a significant policy pivot in Washington. Under growing market pressure and intense innovation in the digital asset sector, the SEC appears poised to move beyond the “regulation by enforcement” era and take a proactive stance in shaping the rules of tomorrow’s finance.

Project Crypto: Opening the Door to On-Chain Markets

Atkins’ speech laid out the principles behind Project Crypto, emphasizing the agency’s commitment to:

• Clear, actionable guidance for token issuers and exchanges, ending much of the legal uncertainty that has dogged the industry for years.
• Support for compliant stablecoin innovation that meets investor protection and financial stability standards.
• Development of on-chain capital markets, enabling real-time, global settlement and reducing systemic risks.
• Embracing ‘agentic finance,’ where autonomous smart contracts and AI-driven protocols can facilitate transactions with minimal intermediaries.
• International regulatory cooperation to harmonize standards and enforcement across borders.

“The digital asset ecosystem has matured to a point where market integrity and investor protection can no longer be an afterthought. Project Crypto will bring transparency, safety, and innovation to financial markets,” Atkins told a packed hall of policymakers, regulators, and industry leaders.

Why the SEC Is Shifting on Crypto

The announcement comes at a time when the U.S. lags behind other financial hubs in providing regulatory certainty for crypto markets. While the EU’s MiCA regime and new U.K. crypto rules have set standards for digital assets, the U.S. has seen lawsuits, stalled ETF approvals, and conflicting agency guidance. This patchwork has hampered both American firms and global investors seeking access to compliant, innovative crypto products.

Momentum in Congress, including bipartisan calls for crypto market structure legislation, and high-profile court cases involving stablecoin issuers and major exchanges, have forced the SEC to update its regulatory posture in line with global trends and mounting institutional adoption.

According to a 2025 PwC Crypto Report, global crypto transaction volumes surpassed $9.72 trillion over the last year, with institutional participation at record levels. U.S. policy clarity is seen as crucial to sustaining this growth and maintaining global competitiveness.

Agentic Finance — The Next Frontier

A key highlight of Atkins’ address was the concept of agentic finance: the use of AI agents and autonomous smart contracts to execute trades, manage portfolios, and enforce market rules automatically. These “agentic” systems hold promise to minimize human error, lower transaction costs, and unlock new efficiencies in capital markets.

“Agentic finance can underpin the next evolution of market structures,” Atkins said, citing the rise of platforms that integrate AI and blockchain to deliver real-time, data-driven financial services, as seen with recent launches of AI-native DeFi protocols and platforms like Polymarket and True.

However, the SEC Chair cautioned that agentic systems must embed investor protection, anti-fraud, and anti-money laundering (AML) safeguards into smart contract code — a task requiring industry input, clear standards, and new supervisory technology.

Stablecoins, Tokenization, and Investor Protection Top the Agenda

Stablecoins and tokenized assets formed a central plank of Atkins’ vision. With U.S. dollar-pegged stablecoins like the recently announced Tether USAT and leading projects such as USDC processing billions daily, the SEC will prioritize standards for issuers’ reserves, audits, and redemption rights. These moves are vital as companies like Circle and Tether expand products suited to both retail and institutional clients in the U.S. and globally.

Meanwhile, momentum accelerates around tokenization of real-world assets. BlackRock’s tokenized bond fund and Fidelity’s tokenized money market (now holding $202 million on Ethereum via Ondo) underscore the growing appetite for crypto rails in traditional finance. The SEC’s new guidelines could spur rapid growth of these products, provided clear frameworks are in place for disclosure, settlement, and custody.

Call for Global Regulatory Coordination

Throughout his speech, Atkins asked global partners to join the Project Crypto initiative.
He called for the establishment of a cross-border working group, similar to the Financial Stability Board’s crypto policy task force or the BIS Innovation Hub’s work on tokenization.

“Currency, capital, and code flow across borders instantly. Without an international framework, the risk of regulatory arbitrage and fragmentation will only grow,” said Atkins, stressing that joint standards are necessary to prevent financial crime, protect users, and preserve market fairness.

Industry Reactions & What’s Next

Industry executives broadly welcomed the SEC’s new tone. Cameron Winklevoss, co-founder of Gemini, noted, “This opens the door for true institutional adoption.” Brian Brooks, former acting Comptroller of the Currency, commented that U.S. leadership is key to setting global norms. However, critics warn that implementation must be nimble enough to keep pace with technology, lest U.S. innovators move offshore.

What’s next? The SEC is expected to publish its Project Crypto road map before the end of 2025, with proposals for public consultation. Industry leaders, lawmakers, and global watchdogs will be closely monitoring the rule-making process as a bellwether for the future of digital assets worldwide.