U.S. SEC Chair: On-chain capital markets and AI agent finance are coming soon and will be encouraged, not stifled

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The US SEC’s regulatory strategy for the crypto industry will shift toward supporting innovation.

On Wednesday, September 10, Paul S. Atkins, Chairman of the US Securities and Exchange Commission (SEC), delivered a speech at an OECD roundtable in Paris, stating that digital assets have entered a new stage. The SEC will bid farewell to its previous tough enforcement stance and shift to providing clearer rules and support for financial innovation, especially in the field of digital assets.

He believes that the previous tough enforcement approach to suppress cryptocurrencies was not only ineffective but also harmed US jobs, innovation, and capital. He revealed that this new direction is in response to President Trump’s call to “make America the world’s crypto capital.”

Farewell to “enforcement-based regulation,” launch of the “crypto project”

In his speech, Atkins sharply criticized the SEC’s past practices, saying it “weaponized investigations, subpoenas, and enforcement powers to stifle the crypto industry,” forcing American entrepreneurs to spend money on legal defenses rather than building businesses. He emphasized, “That chapter is now history,” and declared, “The SEC has ushered in a new day.”

According to Atkins, the “crypto project” is a comprehensive initiative aimed at modernizing securities regulations to support the migration of markets on-chain. The implementation of this plan will be based on the “bold blueprint” developed by the President’s Working Group on Digital Asset Markets. Its core goal is to provide clear guidance for innovators.

Clear regulatory boundaries: most tokens are not securities, support “super apps”

Atkins clarified the priorities of the “crypto project”:

First, certainty must be provided regarding the securities status of crypto assets. He stated, “Most crypto tokens are not securities, and we will make the boundaries clear.” This means the SEC will strive to offer the market clear guidance and reduce legal uncertainty.

Second, ensuring entrepreneurs can fundraise on-chain without worrying about endless legal risks.

Third, the SEC will allow innovations in “super app” trading platforms to increase choices for market participants. This means platforms can offer multiple services such as trading, lending, and staking within a single regulatory framework.

Atkins stated that the SEC will cooperate with other agencies to ensure platforms can provide various crypto asset services under one regulatory system. He adheres to the concept of “minimum effective dose” regulation, aiming to avoid redundant and repetitive rules that stifle innovation.

On-chain capital markets and AI agentic finance on the horizon

Looking ahead, Atkins painted a new financial landscape shaped jointly by artificial intelligence and blockchain technology. He predicted that on-chain capital markets and “AI agentic finance” are about to emerge, where autonomous AI agents will execute trades, allocate capital, and manage risk at a speed unattainable by humans, embedding securities law compliance into their code.

He believes this combination of AI and blockchain technology will bring enormous benefits, including faster markets, lower costs, and broader access to strategies that once belonged only to large Wall Street firms. In this way, individual capabilities can be enhanced, market competition strengthened, and new prosperity unlocked.

He stated that the US government’s responsibility is “to set common-sense guardrails while removing regulatory barriers that choke innovation.” Atkins emphasized:

On-chain capital markets and agentic finance are close at hand, and we choose to embrace them with leadership, freedom, and growth.

During his speech, Atkins also acknowledged the progress of international counterparts, particularly commending the EU’s “Markets in Crypto-Assets Regulation (MiCA)” as a paradigm of a comprehensive digital asset regime, and believes the US can learn from it. Nonetheless, he made it clear that he is determined to “ensure the US leads in creating an economic environment that supports financial innovation.”

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