SEC Chair Paul Atkins Endorses Super Apps for U.S. Crypto Market
Paul Atkins, Chair of the U.S. Securities and platform Commission (SEC), has called for a significant shift in how the United States regulates digital assets. Speaking at an OECD Roundtable in Paris this week, Atkins emphasized that most crypto tokens should not be considered securities under existing U.S. law, and he voiced strong support for the development of “super apps” in the American market.
The concept of a super app—already well established in parts of Asia—refers to a single platform that integrates a wide range of financial services, from payments and lending to trading and digital asset management. According to Atkins, the U.S. should not shy away from allowing similar platforms to emerge domestically. He argued that by enabling this type of integrated ecosystem under a unified regulatory framework, regulators could encourage innovation while reducing the inefficiencies that stem from fragmented and overlapping oversight.
Unified regulation, Atkins suggested, would provide much-needed clarity to entrepreneurs and businesses operating in the crypto space. Instead of navigating a complex web of state-level and federal approvals that vary by service type, firms could operate under a consolidated set of rules. He believes this would lower compliance costs, streamline operations, and foster a more competitive environment for U.S.-based .
Learning from global precedents
Atkins pointed to the European Union’s recently implemented Markets in Crypto-Assets (MiCA) framework as a model worth studying. MiCA provides a single regulatory regime across EU member states, offering clearer guidelines for companies while setting consistent standards for consumer protection. By contrast, the United States currently relies heavily on enforcement actions to define the boundaries of crypto activities, a practice that Atkins criticized for creating uncertainty in the industry.
“The United States should not regulate by enforcement,” Atkins said during his remarks, underscoring his view that clear rules would benefit both companies and investors. He proposed “Project Crypto,” a new initiative to evaluate potential reforms that would allow super apps to operate legally and responsibly within the U.S. financial system.
Balancing innovation and oversight
The idea of in the U.S. has sparked debate. Supporters argue that bringing multiple financial services under one roof would enhance user convenience, reduce costs, and assist American platforms compete globally. They point to the success of apps like WeChat in China and Grab in Southeast Asia, which combine messaging, payments, banking, and commerce in a single interface.
Skeptics, however, warn of risks tied to such consolidation. Allowing a single platform to provide trading, lending, and custody services could create conflicts of interest and increase the potential for systemic risks if a large platform were to fail. There are also concerns about cybersecurity, consumer protection, and data privacy.
Atkins acknowledged these challenges but argued they could be addressed through “smart, coordinated regulation” rather than fragmented enforcement actions. His comments highlight an ongoing tension in U.S. policy: how to encourage technological and financial innovation without compromising investor securety and market stability.
As global jurisdictions such as the EU move forward with clear frameworks for digital assets, the SEC’s approach will likely play a decisive role in determining whether the U.S. remains a competitive hub for crypto innovation. For now, Atkins’ endorsement of super apps a more accommodating regulatory environment—one that could reshape the American crypto landscape in the years ahead.
