SEC chair Paul Atkins proposes clearer crypto rules and acceptance of ‘super-app’ platforms

On May 12, 2025, SEC Chair Paul Atkins signaled a significant shift in regulatory stance, stating that most tokens should not be classified as securities and expressing openness toward “super-app” platforms that integrate multiple crypto financial services under regulatory oversight. These comments were accompanied by a proposal to issue clearer rules aimed at reducing legal uncertainty and enabling compliant innovation within the U.S. crypto market.

What the SEC suggested

Atkins outlined a plan to develop specific guidelines distinguishing utility tokens from securities—using the Howey Test as a benchmark but applying it with more consistency and transparency. The proposal also includes tailored frameworks for crypto trading, custody, and issuance, aiming to replace today’s fragmented compliance landscape with unified standards.

Legal and operational relevance and market reaction

The Howey Test determines whether an asset is a security based on whether investors expect profits from the efforts of others. Atkins’ proposal seeks to make this application less subjective. The market response has been cautious but optimistic: institutional players welcome the clarity, while decentralization advocates worry that supervised “super-apps” could recentralize control and imitate traditional finance gatekeeping.

Practical advantages, risks and international context

Clear rules could reduce legal risks for crypto businesses, encourage product integration, and attract institutional participation. However, super-apps might also increase market concentration, raise entry barriers, and create single points of failure. The U.S. move aligns with global trends such as the EU’s MiCA regulation toward comprehensive crypto frameworks.