SEC Chairman Paul Atkins reiterates the goal of building a "global cryptocurrency capital": returning to the regulatory mission and promoting Crypto+AI financial innovation

U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins delivered a keynote speech at the OECD Global Financial Markets Roundtable, stating that the SEC will return to its mission of protecting investors and promoting capital formation, and proposed a reform vision for foreign issuers, digital assets and artificial intelligence, emphasizing the promotion of global financial innovation and economic prosperity through international cooperation.
(Previous summary: The U.S. SEC and CFTC issued a joint statement on "Coordinated Supervision": Discussing the threshold of prediction market and introducing perpetual contracts)
(Background supplement: Crypto mom Hester Peirce warned: L2 blockchain may be recognized as an exchange by the SEC. The key is to look at this)

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Paul S. Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), at the OECD in Paris on September 10 The Global Financial Markets Roundtable delivered a keynote speech and shared its insights on promoting competition in global capital markets, protecting investors, and promoting financial innovation. Atkins emphasized that the SEC will shift from "enforcement-driven" to "rules-driven" regulation, returning to its three core missions of protecting investors, maintaining a fair and orderly market, and promoting capital formation, and proposed reform directions for foreign issuers, accounting standards, digital assets, and artificial intelligence (AI).

Return to the core mission of the SEC and promote fair competition

Atkins said in his speech that the SEC will focus on protecting investors, ensuring market fairness and efficiency, and promoting capital formation. He emphasized the depth and attractiveness of the U.S. capital market, especially for foreign companies, which can gain higher valuations, liquidity and market reputation through listing. To this end, the SEC has also provided special arrangements for foreign issuers since its establishment to accommodate the differences in business practices, accounting standards and corporate governance between them and U.S. companies.

However, he suggested that as global markets evolve, the SEC is re-examining whether these arrangements are still appropriate. Atkins revealed that he has asked the SEC to issue a concept paper to solicit public comment on whether additional conditions should be imposed on foreign companies, such as minimum foreign trading volumes or listings on major foreign exchanges, to ensure that U.S. investors are fully informed and maintain a level playing field. He emphasized that this is not to prevent foreign companies from entering the U.S. market, but to understand the impact of changes in the structure of foreign companies over the past two decades.

Emphasis on the importance of high-quality accounting standards and financial reporting

In terms of accounting standards, Atkins reiterated the importance of high-quality accounting standards for reliable financial reporting. He recalled the SEC's 2007 decision to allow foreign companies to prepare financial statements using International Financial Reporting Standards (IFRS) without comparing them to U.S. Generally Accepted Accounting Principles (U.S. GAAP), and emphasized the need for the International Accounting Standards Board (IASB) to receive stable funding to maintain its ability to set high-quality standards.

He warned that if the IASB is underfunded, the SEC may need to review its decision to eliminate comparison requirements, and called on the IASB to focus on financial reporting rather than using standards for political or social purposes.

"Cryptocurrency Project" opens a new era of digital assets

In the field of digital assets, Atkins announced that the SEC has launched the "Cryptocurrency Project" (Project Crypto), aiming to modernize securities regulations and promote the application of blockchain technology in the capital market. He criticized past SEC enforcement actions against the cryptocurrency industry for pushing innovation and capital overseas, harming the interests of American entrepreneurs. He promised that the SEC would provide clear rules and ensure entrepreneurs can raise capital without legal uncertainty.

Atkins emphasized that most cryptocurrencies are not securities. The SEC will allow trading platforms to provide trading, lending and pledge services under a single regulatory framework, encourage on-chain financing and "super application" platforms, and cooperate with the Trump administration to create a "global cryptocurrency capital."

The Prospects of Artificial Intelligence and Agent Finance

Atkins further looked forward to the application of artificial intelligence (AI) in financial markets, especially "agent finance", in which AI agents autonomously execute transactions, allocate capital and manage risks.

He believes that combining AI and blockchain will reduce market costs, improve efficiency, and make high-end investment strategies available to more people. He emphasized that the government should regulate appropriately, remove barriers to innovation, and ensure that the United States remains a leader in global financial innovation.

International Cooperation and Transatlantic Partnership

Atkins also highly praised the EU's "Crypto-Asset Market Regulation" (MiCA), saying that MiCA provides an example for digital asset regulation, and said that the United States will learn from it and is committed to creating an economic environment that supports innovation.

He called for cooperation with international partners to leverage the global nature of public blockchain and modern payment and capital market infrastructure to strengthen the US-European economy and transatlantic partnership.