Main Points :
- The U.S. SEC under Chair Paul S. Atkins is launching Project Crypto, a regulatory initiative intended to provide clarity around token classification, on-chain capital raising, and super-app platforms, thereby reducing legal uncertainty.
- The U.S. is seeking to enable on-chain capital markets — offering fundraising, trading, staking, lending, custody all under clear and possibly unified regulation.
- AI (especially autonomous AI agents running finance, “agentic finance”) is being positioned as a partner to blockchain in accelerating speed, lowering cost, expanding access.
- The regulatory philosophy is shifting: fewer enforcement-by-lawsuit, more rules of the road, safe harbors, exemptions, and guidelines to support innovation.
- Recent developments: Nasdaq proposing trading of tokenized securities; SEC’s Spring 2025 agenda includes rules to clarify offering/sale of digital assets; concerns about risks such as AI agents and regulatory guardrails are growing.
Introduction: A New Regulatory Horizon
At the OECD roundtable in Paris in September 2025, U.S. Securities and Exchange Commission (SEC) Chair Paul S. Atkins delivered what may become a landmark speech for the U.S. regulatory approach to crypto assets and blockchain. He reiterated that under his leadership, the SEC intends to reposition the United States not just as a heavy enforcer but as a proactive incubator of “on-chain capital markets” and “agentic finance” — finance enhanced and partly operated by autonomous AI agents.
Project Crypto: What It Is and What It Aims To Do
What is “Project Crypto”?
- Project Crypto is an initiative launched by the SEC to modernize how securities regulation applies to digital assets.
- It aims to produce clear, predictable rules about which tokens are securities, which are commodities or stablecoins or other categories.
- It also intends to enable more on-chain capital raising, simplifying how startups can raise funds via token sales but with less legal risk.
Key Priorities under Project Crypto
Some of the priority elements Atkins emphasized include:
- Drawing bright lines about token classification (security vs non-security) to reduce litigation risk.
- Enabling entrepreneurs to raise capital on the chain (“on-chain capital formation”) without facing unlimited legal uncertainty.
- Supporting “super app” platforms — which combine services (trading, staking, lending, etc.) under a single regulated platform.
- Reducing regulatory burdens by withdrawing outdated or overly burdensome proposed rules, and creating exemptions or safe-harbors where appropriate.
Difference From Previous SEC Approach
- Whereas under Chair Gary Gensler and the prior administration, enforcement (often via lawsuits) was a primary mode for dealing with perceived non-compliance, the new approach emphasizes guidance, predictable rules, and public comment processes.
- The SEC is signaling that many tokens will not be treated as securities. Atkins has stated that “most tokens will not be securities.”
AI and Agentic Finance: Convergence with Blockchain
What is Agentic Finance?
Atkins introduced the idea of “agentic finance,” where autonomous AI agents, embedded with compliance (e.g. securities laws) in their code, can execute trading, risk management, capital allocation, etc., at speeds beyond human capability.
Why This Matters & What Risks Arise
- Potential benefits include faster settlement, lower costs, broader access (not just big financial institutions), improved efficiency.
- Risks include misuse by bad actors, opaque AI decision-making, liability for autonomous actions, possibility of agents triggering financial harm before human oversight can intervene.
Regulatory Guardrails
- Atkins and others argue for “common sense guardrails” — rules that protect investors and markets without stifling innovation.
- Approaches under discussion include requiring human-in-the-loop for high-risk autonomous systems, transparency and explainability, and possibly kill switches or override capabilities for AI agents.
Recent Related Developments & Trends
Here are some of the newest movements that dovetail with Project Crypto and the rise of agentic finance:
- Nasdaq’s Tokenized Securities Proposal: Nasdaq has filed with the SEC to allow the trading of tokenized securities on its main market, which would be a major step toward integrating digital securities into national market systems.
- SEC’s Rule-making Agenda: The Spring 2025 Unified Agenda includes items to clarify the offering and sale of digital assets (including safe harbors/exemptions), custody rules, how regulations for broker-dealers and exchanges apply to crypto, etc.
- Withdrawal of Previous Rules: SEC under Atkins has formally withdrawn several proposed rules from prior administration considered burdensome or misaligned with the present pro-innovation policy.
- Legislation in Congress: The FIT21 Act (“Financial Innovation and Technology for the 21st Century Act”) passed the House, defining roles for SEC vs. CFTC in digital asset regulation, attempting to give more clarity.
What This Means for New Crypto Assets and Blockchain Use
If you are looking for new crypto assets, seeking revenue opportunities, or wanting to build use cases, here are the potential implications:
- Easier Launch / Token Issuance: Clearer rules around what counts as a security may allow more token projects to proceed without fear of being sued or shut down.
- Access to Capital & Liquidity: On-chain capital markets might allow startups or projects to raise funds more cheaply and access trading on regulated platforms, increasing liquidity.
- New Business Models: Platforms combining multiple services (trading, lending, staking, custody) might become more common (super-apps). Projects that integrate AI agents (for risk, trading, etc.) may be rewarded or become more competitive.
- Innovation around AI + Blockchain: Projects that provide tools for agentic finance, such as workflow automation, smart contracts with embedded compliance, auditing, transparency may find favorable regulatory view.
- Need to Monitor Regulatory Risk: Even as regulation becomes clearer, the specifics will matter — whether a token is deemed security, whether regulatory exemptions apply, how AI agents are governed. Risks from privacy, liability, consumer protection will persist.
Proposed Graph / Diagram Suggestions
- A timeline chart from Jan 2025 to late 2025 showing regulatory steps: e.g. FIT21 passage, Executive Order, Atkins taking over, Project Crypto announcement, Nasdaq’s filing, SEC agenda items, etc. (Insert after the “Recent Related Developments & Trends” section.)
- A diagram comparing the old vs new regime for token classification & enforcement: columns like “Pre-Atkins / Gensler era” vs “Under Project Crypto”: litigation/emphasis enforcement; blurred definitions; heavy regulatory uncertainty vs clear rules, safe harbors; AI agent caution vs enabling; etc. (Insert somewhere in “Project Crypto: What It Is…” section.)
Conclusion
The United States appears to be entering a new phase in its approach to crypto and blockchain, combining regulatory clarity with innovation incentives. Under SEC Chair Paul Atkins and through Project Crypto, the U.S. is pushing on-chain capital markets and agentic finance forward, trying to offer startups, entrepreneurs, and developers a more predictable legal environment. For those hunting new crypto assets or building business models, this means opportunities in token issuance, integrated service platforms, AI-blockchain integration, tokenized securities, and real-world asset tokenization. But the flip side is that regulatory ambiguity is shifting rather than disappearing — compliance, classification, and oversight of AI agents will be battlegrounds. For those who move early and smartly, this regulatory headwind may become a tailwind; for those who ignore the changing rules, it could be costly.
