SEC Chair Declares Most Tokens Are Not Securities, Endorses ’Super-App’ Platforms

SEC drops regulatory bombshell—declares majority of tokens escape securities classification.

Super-Apps Get Green Light

The agency's surprise endorsement sends shockwaves through traditional finance circles. Super-app platforms—those all-in-one crypto ecosystems—just got regulatory validation that bypasses years of bureaucratic hesitation. Active traders already shifting portfolios toward integrated platforms that combine trading, lending, and DeFi services.

Wall Street's compliance departments now scrambling to rewrite playbooks that treated all digital assets as securities. The move effectively cuts legacy finance out of the equation for countless projects that no longer need their approval.

Meanwhile, traditional bankers suddenly remember how to pronounce 'blockchain' again—just in time to miss another generational wealth transfer.

Paul Atkins gives remarks on Project Crypto. Source: SEC

SEC opens door to crypto “super-apps”

The SEC’s updated strategy includes allowing platforms to operate as “super-apps” that can facilitate trading, lending and staking of digital assets under one regulatory umbrella. Atkins said that these platforms should also have the flexibility to offer multiple custody solutions.

“I believe regulators should provide the minimum effective dose of regulation needed to protect investors, and no more,” Atkins stated. “We should not overburden entrepreneurs with duplicative rules that only the largest incumbents can bear.”

Atkins also praised the European Union’s Markets in Crypto-Assets (MiCA) framework, saying it provides “a comprehensive digital assets regime” and noted that US policymakers could learn from Europe’s early regulatory steps.

The SEC chief called for international cooperation to “facilitate more innovative markets.” “Working together, as Alexandre de Tocqueville might have put it, we can ‘extend the sphere’ of freedom and prosperity,” he concluded. 

EU tightens crypto grip for banks

Last month, the European Banking Authority (EBA) finalized rules that will require EU-based banks to hold significantly more capital against unbacked cryptocurrencies like Bitcoin and Ether . These draft regulatory standards are now pending review by the European Commission.

Under the proposed framework, unbacked digital assets such as Bitcoin fall into “Group 2b” and carry a hefty 1,250% risk weight, meaning banks must set aside a substantial capital buffer.

The EBA’s conservative approach contrasts with moves in other jurisdictions. In the US, the FDIC now allows supervised banks to engage in crypto activities without prior approval, while Switzerland has updated its DLT laws to support crypto custody and stablecoin guarantees.