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In our previous educational article, we explored Real-World Assets (RWA) — the concept of bringing tangible assets like real estate, bonds, commodities, and even invoices into the blockchain world. But as the RWA narrative continues to dominate discussions in 2025, one crucial question arises: How are these “real-world” assets actually brought on-chain? That’s where RWA Tokenization comes in — the technical and economic process that turns real-world value into programmable digital tokens. In essence, RWA Tokenization is the operational layer of RWA, transforming the idea of bridging traditional finance (TradFi) and DeFi into a working reality. What Exactly Is RWA Tokenization? Tokenization means creating a digital representation of a real-world asset on a blockchain.This token serves as a digital claim or fractional representation of ownership, rights, or future income linked to the underlying asset. In simple terms: If RWA is the “what,” tokenization is the “how.” Example: A real estate property worth $1 million can be divided into 1,000,000 tokens, each representing $1 of ownership. These tokens can be: Traded on-chain (in secondary markets) Used as collateral in DeFi lending Distributed to investors around the world — instantly and transparently This approach makes illiquid assets liquid, divisible, and globally accessible, opening the door to a multi-trillion-dollar transformation of global finance. The Tokenization Workflow: How It Actually Works Tokenizing real-world assets involves several layers and participants.Here’s a simplified breakdown of the process: Step 1: Asset Identification and Legal Structuring A company (the issuer) identifies an eligible real-world asset — such as a government bond, invoice, or property.Then, legal entities (often called Special Purpose Vehicles, or SPVs) are created to hold the asset and ensure compliance with local regulations. Step 2: Digital Representation on Blockchain A smart contract is deployed to represent the asset in token form.Each token might represent: Ownership (e.g., shares in an SPV) Debt claim (e.g., interest-bearing tokens) Revenue rights (e.g., income share) Step 3: Custody and Verification Third-party custodians or oracles verify that the real-world asset exists and is properly managed.This step is crucial to maintain trust and prevent fraud — often handled by regulated custodians or auditing firms. Step 4: Token Distribution Once verified, the tokens are distributed to investors via platforms or marketplaces — typically under compliance frameworks like KYC/AML and regional securities laws. Step 5: On-Chain Integration The tokens can now interact with DeFi protocols — for lending, staking, or liquidity provision — effectively bridging TradFi and DeFi. Why Tokenization Matters: The Core Advantages Tokenization isn’t just a technological novelty — it’s the financial evolution that redefines how we own, trade, and interact with value.By bridging the gap between illiquid real-world assets and frictionless digital markets, tokenization is reshaping global capital flows at every level — from small investors to sovereign wealth funds. Below are the five core advantages that explain why tokenization matters — and why it’s widely viewed as the “missing link” between traditional finance (TradFi) and decentralized finance (DeFi). 1. Liquidity for Illiquid Markets Illiquidity is one of the biggest inefficiencies in global finance.Traditional assets like real estate, private equity, or fine art often have long holding periods, limited buyers, and complex settlement procedures. Tokenization changes that dynamic entirely. By dividing ownership into fractional, transferable tokens, these assets can be traded 24/7 on blockchain-based secondary markets, giving investors an exit option that never existed before. For instance, instead of needing $1 million to buy an entire property, an investor could purchase 1,000 tokens worth $1,000 each — effectively owning a verifiable fraction of the asset. This democratizes access, but it also injects liquidity into previously locked capital, allowing institutions to manage portfolios with more flexibility and efficiency. Liquidity also improves price discovery — as tokenized assets trade more frequently, the market naturally determines fair value in real time rather than through infrequent private appraisals. 2. Global Accessibility In traditional markets, geography and regulation define who can invest in what.Real estate in Singapore, bonds in the U.S., or private credit in Europe often remain siloed due to jurisdictional limits. Tokenization breaks those barriers by transforming ownership rights into borderless, blockchain-native assets. Anyone with an internet connection and a compliant wallet can potentially access high-value investment products that were once reserved for institutions or accredited investors. This creates a new era of financial inclusion — where global investors can diversify portfolios across regions and asset classes with just a few clicks. It also allows asset issuers (like developers, lenders, or governments) to tap into global liquidity pools, expanding their investor base beyond traditional borders. As blockchain networks continue to integrate KYC-compliant identity solutions and regulatory-compatible layers, this global accessibility will only accelerate. 3. Transparency and Auditability One of the most profound advantages of blockchain-based tokenization is radical transparency. Every issuance, transfer, and redemption of a tokenized asset is recorded immutably on-chain. This means ownership records are verifiable in real time, eliminating the need for centralized registries or reconciliation processes. For investors, this transparency builds trust and accountability; for auditors and regulators, it provides a real-time view of financial activity without relying on delayed or opaque reporting systems. In traditional finance, information asymmetry often leads to mispricing or even fraud. With tokenization, data integrity is guaranteed by code and consensus, not by intermediaries — a shift that could make compliance, auditing, and risk management significantly more efficient and reliable. 4. Lower Costs and Faster Settlement The traditional financial system is full of middlemen — brokers, clearinghouses, custodians, and settlement agents — each adding fees and delays to every transaction. Settlement cycles can take T+2 or longer, particularly across jurisdictions. Tokenized systems eliminate these frictions. Transactions occur directly between blockchain addresses via smart contracts, enabling instant (T+0) settlement and near-zero counterparty risk. Lower operational costs also mean that smaller investment sizes become viable. Previously, it made little sense to sell $100 of a bond due to administrative costs — but tokenization makes such micro-investments economically feasible. In short, tokenization doesn’t just make markets faster — it makes them fairer and more efficient for all participants. 5. Programmable Finance and Composability Perhaps the most revolutionary aspect of tokenization lies in its programmability. Once an asset exists on-chain, it can interact seamlessly with other smart contracts and DeFi protocols — unlocking endless possibilities for automated financial logic. For example: A tokenized bond can automatically distribute coupon payments to holders every month. A tokenized property can send rent income to token holders in real time. Tokenized treasuries can be used as collateral for on-chain loans or integrated into yield strategies. This composability — the ability to combine different financial primitives into new, automated structures — is what transforms tokenization from a digitization tool into an innovation engine. Imagine a world where traditional yields meet DeFi automation: A U.S. Treasury token generating 4% APY could be automatically lent out on-chain to generate an extra 1% yield — all governed by transparent smart contracts, not human intermediaries. Key Categories of Tokenized RWAs The RWA tokenization market has diversified rapidly. Here are the major categories dominating the ecosystem in 2025: Among these, tokenized Treasury bills have become the fastest-growing segment, led by issuers such as Ondo Finance, Maple, and Superstate. The Infrastructure Behind Tokenization RWA tokenization doesn’t happen in isolation. It requires a robust ecosystem: 1. Tokenization Platforms Projects like Centrifuge, Goldfinch, Maple, and Clearpool provide the tools to onboard real-world assets into blockchain environments. 2. Custodians and Oracles Firms like Chainlink, Circle’s Reserve Reports, and Credora verify asset backing and transparency. 3. Blockchains and Networks Layer 1 and Layer 2 chains optimized for financial operations — such as Ethereum, Avalanche, Polygon, Solana, and Base — serve as the settlement layers for tokenized RWAs. 4. DeFi Protocol Integration Once tokenized, RWAs can be used as collateral on protocols like Aave, MakerDAO, and Compound, merging traditional yield products with decentralized capital markets. The Regulatory Landscape Tokenization operates at the intersection of blockchain and traditional financial regulation, which makes compliance critical. United States: SEC treats most RWA tokens as securities; issuers must comply with Reg D or Reg S exemptions. Europe: MiCA (Markets in Crypto-Assets Regulation) offers clearer frameworks for asset-backed tokens. Asia: Hong Kong, Singapore, and Japan are rapidly positioning themselves as RWA-friendly hubs, with regulated tokenization pilots for bonds and funds. Regulatory clarity remains the biggest catalyst for large-scale RWA adoption in the next few years. The Future of RWA Tokenization RWA Tokenization is not just a trend — it’s a structural transformation of global finance. According to Boston Consulting Group, up to $16 trillion worth of assets could be tokenized by 2030. In this vision, tokenized assets will: Serve as collateral in DeFi lending Power on-chain money markets Enable instant cross-border settlements Connect real-world income streams to decentralized infrastructure Eventually, tokenization could become as natural as listing shares on a stock exchange — but faster, borderless, and transparent. Conclusion: Tokenization as the Engine of Real-World Adoption RWA Tokenization is the practical foundation turning blockchain from a speculative playground into a functional financial system. It is the bridge that connects yield-hungry DeFi capital with traditional, yield-generating real-world assets — creating a new era of hybrid finance (HyFi). The story of RWA Tokenization is still unfolding, but one thing is clear: The next trillion dollars in crypto won’t come from memes or speculation — it will come from real-world assets brought on-chain through tokenization.

#SEC #okenClassification #Crypto Industry? On November 12, at the Federal Reserve Bank of Philadelphia’s fintech conference, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins opened with a very straightforward and quite amusing remark: “If you’re already tired of hearing the question ‘Are crypto-assets securities?’ I completely understand.” What does this mean? Very simple: starting today, you no longer need to be troubled by the question of whether crypto-assets are securities. Indeed, at this conference he officially announced that the SEC will establish a four-category token classification system based on the Howey Test. This is not only the clearest and most systematic statement of position by a U.S. regulator in the crypto-asset arena, but also the first time in a decade that the entire crypto market has seen a clear, systematic, and implementable regulatory model. This is not an ordinary “policy update.” This is a fundamental restructuring of the standards that define the essence of crypto-assets. This is the critical moment that ends the regulatory gray zone and lays the foundation for compliant digital assets over the next decade. Why is the industry so shaken? Because for the past ten years, the crypto market has been stuck on an unanswerable question: “Exactly what counts as a security?” This question has trapped American entrepreneurs, trapped institutional capital, and trapped the construction of the tokenized world’s infrastructure. The SEC’s latest stance provides a clear path for the first time: Crypto-assets ≠ are not inherently securities. Utility tokens, collectibles, and network tokens do not fall under securities. Only “tokenized securities” belong under traditional securities regulation. A token’s status can “dynamically change” from security → non-security as the technology matures. This is tantamount to: the United States officially recognizing that crypto-assets are not a one-size-fits-all world of securities, but a multi-layered new asset system. This will profoundly change the future behavior of exchanges, project teams, institutions, developers, and even users. SEC’s Four-Category Token Regulatory Framework: The New “Basic Rules” for the Industry The SEC’s four-category token classification and its interpretation are the core of this article — naturally, they are also the focus of industry attention. The following content will parse these four standards layer by layer, and clarify the regulatory implications, future development paths, and industry impact for each category. Category One: Digital Commodities & Network Tokens 1）What is this? The core feature of this category: it does not rely on the issuer’s “essential managerial efforts” to increase value; its value comes from the functional nature of the network protocol and decentralized operation. Its most notable characteristic is that the token’s use value significantly outweighs its speculative value. Paul Atkins made it clear that, in his view, these tokens do not fall under the securities umbrella. This provides a clear regulatory position for major cryptocurrencies such as Bitcoin and Ethereum. This means: “Independently operating network tokens” of major chains like BTC and ETH fall into this category They are not securities They are not subject to the SEC’s traditional securities laws This is a major signal: for the first time, the United States has clarified that public-chain tokens such as Bitcoin and Ethereum are digital commodities rather than securities. This will directly accelerate institutionalization across mining, staking, DeFi, and derivatives markets. 2）Industry significance The introduction of this classification is equivalent to: Institutional investment can legitimately enter the BTC/ETH ecosystem A clearer construction path for project teams: decentralization is the key to compliance Institutional products such as ETFs, futures, and custody will further expand This is a boon for the entire Layer 1 ecosystem. Category Two: Digital Collectibles (NFT-type Assets) 1）What assets fall into this category? Art NFTs: music, video, game items, digital trading cards Virtual IP, avatars, limited digital memorabilia The SEC made it clear: These tokens are not securities Purchase purposes are based on collection, access, or usage They do not rely on the project team’s continued operation to generate profits By explicitly excluding such digital collectibles from the definition of securities, the SEC has provided urgently needed regulatory certainty for the NFT market — this means the NFT market has, for the first time, received confirmation of “non-security status.” 2）Industry significance NFT projects will no longer face policy risk of being labeled securities; Exchanges can more freely expand the NFT market; Enormous room for development in chain gaming, digital content, and brand IP; NFT 2.0 (asset credentials, on-chain identity, membership systems) will enter a boom cycle. Category Three: Digital Utilities (Utility Tokens) This covers tokens with practical functions, such as memberships, tickets, credentials, proofs of ownership, or identity badges. These functional tokens focus on specific uses rather than investment objectives, and thus are carved out from the securities category. Purchasers do not expect to profit from the “managerial efforts of others.” This class of tokens has been a persistent point of controversy, and the SEC has finally provided a clear definition. 1）Core characteristics of utility tokens: Used to access a service (tickets, memberships, bandwidth, computing power). Used for on-chain identity, credentials, or functional usage. Do not provide purchasers with an “expectation of profits from the efforts of others”. The SEC made it clear: Utility tokens are not securities. They focus on practical use cases and do not constitute investment contracts. As networks mature, the role of the project team diminishes. In other words: the majority of tokens that were forced to “pretend to be securities” over the past decade due to regulatory ambiguity finally have a compliant industry positioning. Why is this important? Because a large number of tokens in the current market — including most public-chain ecosystem tokens, governance tokens, application tokens, and GameFi tokens — may fall into this category. 2）This will significantly change: The issuance logic of Launchpads. The way users participate in token economies. The compliance documentation required by exchanges to list assets. Utility tokens derive their value from usage scenarios rather than investment expectations — this gives the industry a completely different narrative framework. Category Four: Tokenized Securities This is the only token type classified as a security. Paul Atkins emphasized: “A stock doesn’t change its nature as stock because it’s represented by paper certificates, DTCC account records, or blockchain tokens. A bond doesn’t cease to be a bond because smart contracts track its payment flows.” 1）Types include: Tokenized versions of equities. Tokenized versions of bonds. REITs, fund shares. Any “on-chain form of traditional securities”. The SEC stressed: an asset does not cease to be a security simply because it is converted into token form. A stock is still a stock, a bond is still a bond, an ETF is still an ETF — only the recording medium and settlement method change. 2）Industry significance This classification lays the foundation for a “Wall Street on-chain.” In the future, we will see: Tokenized Treasuries Tokenized equities On-chain funds On-chain versions of all financial products This market will be in the tens of trillions. Exchanges, custodians, and compliance firms will form a new competitive landscape here. The SEC’s “Dynamic Token Identity” Is the Most Revolutionary Part The four-category structure is not the SEC’s biggest breakthrough. The real breakthrough is that, for the first time, the SEC acknowledges: a token can transform from a security → a non-security. When a network is sufficiently decentralized: The project team’s managerial efforts no longer determine value; The token’s usage scenarios operate independently; Governance is dispersed; Protocol upgrades are driven by the community; As long as the above prerequisites are met, the token can exit its “investment contract” status. This resolves the biggest issue of the past decade: “A token might look like a security at issuance — what happens once it matures?” Now the U.S. has provided the answer: a token need not carry a lifelong securities attribute because of the “manner of issuance.” This will affect: New projects’ token issuance routes Regulatory exemption paths Community governance models The pace of project decentralization This is the first truly operable regulatory path the industry has seen in ten years. Industry Impact — A SuperEx Perspective Exchanges (especially CEXs) will face business-structure overhauls Exchanges will need to update along the four categories in the future: Listing classifications KYC/AML models Risk disclosures Trading-pair categories Clearing and custody compatibility In particular: NFT markets can expand more boldly Utility-token listings will have a stronger regulatory basis Tokenized securities will require dedicated compliant zones U.S. exchanges will be affected first, but global platforms will gradually align to the same standards. Project teams: decentralization and functional delivery will be the only compliant path This classification system sends a clear signal to project teams: don’t treat tokens as financing tools — treat them as functional tools. Over the next 3–5 years, a project’s core competitiveness will be: Whether true decentralization can be achieved. Whether there is natural on-chain usage demand. Whether the token can shift from “investment contract” to “network function”. Whether the team can reduce key centralized developer control. Projects will move more rapidly toward: DAO-ization. Modular governance. Code immutability. Autonomous protocol operation. Institutions: digital commodities and on-chain securities will enter “dual fast lanes” Institutions have long been constrained by compliance concerns. Now two paths are clearly delineated: (1) Digital commodities (BTC/ETH) path: Futures, perpetuals, and ETFs can all expand. Capital can participate with lower legal risk. The on-chain derivatives market will boom. (2) Tokenized securities path: Wall Street enters crypto. Treasuries, funds, and bonds will be issued on-chain in large numbers. On-chain settlement will become the institutional standard. The U.S. will use regulatory clarity to re-compete for global crypto leadership Over the past five years: Europe has MiCA. Hong Kong opened a licensing regime. Singapore advanced compliant asset management. The U.S. lagged behind for a long time. But the Token Classification Law changes all this: it is the “inflection point” for the U.S. to vie for the definitional power of crypto regulation. Over the next decade, global crypto regulation may be rebuilt along U.S. lines. Conclusion The SEC’s four-category token classification system is not a simple compliance policy; it is: A definitional standard for digital assets. A rules foundation for industry participants. The shared boundary of innovation and compliance. A blueprint for global regulation over the next decade. An accelerator for the convergence of crypto and traditional finance For the first time, it allows the industry to answer three most fundamental questions: What is a security? What is not a security? How can a token transform from a security into a non-security? This not only ends the crypto industry’s ten-year regulatory fog, but also opens a decade-long period of institutionalized growth. The future crypto world will not be just the “coin circle,” but rather: A digital commodities system. A digital collectibles system. A digital utilities system. A tokenized securities system.

#CFTC #SEC Introduction: A “Belated Coordination” and the “Prelude to a New Financial Era” For over a decade, the U.S. financial regulatory system has resembled a “divided city-state”: On one side stands the SEC (Securities and Exchange Commission), guarding the borders of the securities markets; On the other, the CFTC (Commodity Futures Trading Commission), overseeing derivatives and commodities. Each had its own turf and rules — until digital assets and DeFi blurred those boundaries. Is Bitcoin a “commodity” or a “security”? Does Ethereum’s staking mechanism violate securities law? Who should oversee stablecoins? Each of these questions has repeatedly sparked debate, lawsuits, and market panic. But this time, the SEC and CFTC’s top officials appeared side by side — announcing “a new framework for coordinated cooperation.” This was more than a meeting; it felt like an act of historical reconciliation. After a decade of regulatory fragmentation, the U.S. is finally attempting to piece together its “broken financial oversight system.” For traditional finance, it’s an institutional update; for the crypto market, it’s nearly a “compliance revolution.” Click to register SuperEx Click to download the SuperEx APP Click to enter SuperEx CMC Click to enter SuperEx DAO Academy — Space A Fragmented Regulatory System: The Invisible Ceiling on Innovation The U.S. has long been a cradle of financial innovation — from ETFs and derivatives to online brokerage firms, every wave of change began there. Yet in the age of cryptocurrency, this once-dynamic hub has slowed down unexpectedly. The problem isn’t technology — it’s regulation. The SEC and CFTC have long disagreed on how to define digital assets: The SEC tends to treat tokens as securities, requiring issuers to comply with the Securities Act’s registration and disclosure rules; The CFTC, meanwhile, views Bitcoin and Ethereum as commodities, asserting that their trading can fall under the futures regulatory framework. This “dual-track contradiction” has trapped many innovative products in a gray area. Some DeFi projects, for example, involve both token issuance (under the SEC) and leveraged derivatives (under the CFTC). The result: neither agency approves them, and neither wants the liability. As one commissioner bluntly put it during the meeting: “Over the past decade, this field is littered with the corpses of ‘products that never launched.’” Behind that remark lies the story of countless startups that collapsed in regulatory limbo — not because they broke the law, but because they didn’t know which rules to follow. Thus, this cooperation isn’t merely a handshake — it’s an attempt to restore order to a disordered market. It marks the most critical step toward modernizing U.S. financial regulation: replacing confrontation with coordination. The Era of Co-Governance: Cooperation, Not Consolidation It’s important to note that this SEC–CFTC alliance is not an institutional merger, but rather a model of Regulatory Co-Governance. SEC Chair Gary Gensler stated: “We’re not restructuring the system — we’re making regulation more coordinated.” CFTC Chair Rostin Behnam added: “Financial innovation should never be an excuse for a regulatory vacuum. Regulators must be interconnected like a network, not isolated like islands.” These two sentences perfectly encapsulate the spirit of the meeting. Historically, the U.S. financial regulatory system thrived on “checks and balances.” That approach worked well for 20th-century securities and futures markets — but in the Web3 era, it’s become cumbersome. Take Bitcoin ETF approvals: the SEC focuses on investor protection and disclosure, while the CFTC handles market risk controls. Their overlapping reviews and inconsistent standards slow market efficiency. As one CFTC commissioner admitted, “We’ve spent too much time defining problems, and not enough time solving them.” Hence, the true meaning of this coordination lies in breaking down silos — sharing information, aligning processes, and bridging boundaries. 1. Building an Information-Sharing Mechanism: From Isolation to Interconnection According to the meeting consensus, the agencies will create a unified risk-information sharing platform, including data on token issuance, on-chain transaction monitoring, and high-risk asset lists. This means that if the CFTC detects potential manipulation in a crypto derivative, the SEC can immediately access that data and take follow-up actions — and vice versa. The result: faster regulatory response, fewer duplicate investigations, and less overlap in enforcement. Gensler remarked: “We can’t keep locking regulatory data in 20th-century filing cabinets. The risks of digital assets are real-time — our supervision must be, too.” This statement captures the essence of the reform: regulatory information flow will become the new infrastructure of finance. 2. Joint Regulatory Sandbox: Innovation and Compliance in Parallel Perhaps the most groundbreaking aspect is the planned joint “Digital Asset Regulatory Sandbox”. Within this sandbox, emerging projects can test their products in a controlled environment, with both agencies evaluating risks and guiding compliance paths. This directly addresses the “innovation anxiety” many startups face. In the past, blockchain founders often didn’t know which agency had jurisdiction — and got trapped in legal uncertainty even before launch. Now, they can enter the sandbox and receive clear, coordinated feedback. This not only reduces entrepreneurial risk but also helps regulators understand new technologies early — preventing policy lag from the outset. Behnam emphasized: “We can’t wait for innovators to fail before we step in. Preemptive oversight is key to a healthy innovation cycle.” The U.S. is thus experimenting with collaborative regulation — redefining the relationship between innovation and order. 3. From Confrontation to Consensus: A Cultural Shift in Regulation This “co-governance model” represents more than procedural alignment — it marks a cultural transformation. In the chaotic years of crypto regulation, the SEC and CFTC were often mocked for “fighting their own wars”: the SEC sued issuers for illegal securities offerings, while the CFTC simultaneously approved futures for similar assets. This inconsistency eroded market confidence. In this meeting, both chairs highlighted the need for regulatory consistency. Gensler said: “Investors shouldn’t face different levels of protection just because an asset is defined differently by two agencies.” Behnam added: “Consistent rules protect not only investors — but also innovators.” This is a true consensus. It signifies that regulators are shifting from the question of “Who should regulate?” to “How do we regulate well?” This cultural cooling and coordination may prove more historically significant than any policy reform. 4. The Second Phase of Regulation: From “Blurred Boundaries” to “Functional Layers” If the past decade was about “definitional battles,” the next decade will be about functional stratification. Under the new framework: The SEC will focus on investor protection, disclosure, and asset registration; The CFTC will oversee derivatives, leverage, and risk monitoring systems. Their data systems will interconnect, creating a layered supervisory structure. This ensures that every crypto transaction has a clear “chain of accountability” — from issuance (SEC) to trading (CFTC) to cross-border settlement and clearing. This is what Gensler calls a shift “from rule-based to outcome-based supervision.” In other words, regulation will focus less on defining what a token is and more on ensuring the market is fair, transparent, and safe. 5. The Beginning of a Regulatory Symphony, Not Its Finale When the market sees the SEC and CFTC sharing a stage, it may not yet feel the immediate effects — but at a macro level, this marks the dawn of Cooperative Governance in U.S. finance. In the future, this co-governance model may extend to stablecoin legislation, tokenized real-world assets (RWA), and even AI-driven financial models. Behnam concluded the meeting with a telling metaphor: “Regulators and innovators are in the same river. We shouldn’t block each other’s flow — we should make the current steadier.” Perhaps that sentence best defines the coming decade of crypto finance: from regulatory discord to institutional harmony — a true coming-of-age for U.S. digital finance. Strategic Shift in Digital Assets: From the Gray Zone to the Mainstream For the crypto industry, the biggest winners of this “regulatory resonance” will be mainstream assets and institutional players. 1. Compliance Tailwinds for Core Assets Like Bitcoin and Ethereum With the SEC and CFTC reaching consensus, Bitcoin’s commodity status will be further solidified. Ethereum’s PoS compliance controversy may also be clarified under the new framework. This paves the way for traditional financial institutions — such as pension funds and sovereign wealth funds — to legally allocate into crypto assets. 2. New Definition Window for Stablecoins and Tokenized Securities (RWA) Once regulation becomes clearer, the legal boundaries for stablecoin issuance and asset tokenization will be more defined. Stablecoins like USDC and PYUSD may soon be subject to both SEC disclosure and CFTC trading review — a challenge, but also a ticket to mainstream payment systems. 3. Institutional Market Liquidity Rebuilt With clearer division of duties, the derivatives and futures markets (CFTC) can interconnect with the spot markets (SEC). This will enable seamless movement between crypto ETFs, futures contracts, and on-chain liquidity — laying the foundation for a new Web3 financial credit system. In short, co-governance doesn’t restrict — it transforms the “gray zone” into a legitimate channel. Crypto firms can now innovate within clear boundaries, without the constant fear of sudden enforcement. Conclusion: From the “Walnut Tree to the Blockchain” — A Continuum of Financial Spirit From Wall Street’s stock exchanges to Silicon Valley’s crypto labs, America’s financial spirit has always been one of innovating to rebuild order. The SEC–CFTC collaboration is more than a regulatory event — it’s a signal: regulation is no longer a brake, but a compass. When institutions start making room for innovation, and innovation stops evading institutions — that’s when the true symbiosis of the new financial era begins.

At the inaugural OECD Global Financial Markets Roundtable held recently in Paris, France, U.S. Securities and Exchange Commission (SEC) Chair Paul S. Atkins delivered a speech that drew worldwide attention. Unlike the SEC’s cautious — even adversarial — stance toward crypto in recent years, Atkins’ message this time was unmistakably clear. He stated bluntly: “The era of cryptocurrencies has arrived.” He further emphasized that most crypto tokens are not securities, and that the United States must provide entrepreneurs with clear rules for financing and trading — rather than letting them wander in a gray zone. At the same time, he introduced Project Crypto, a plan aimed at modernizing the securities regulatory framework end-to-end and, for the first time, placed artificial intelligence (AI) and blockchain together in a future vision of finance on the global stage. This speech isn’t just about a shift in regulatory tone; it could become a watershed moment for the next decade of U.S. capital markets. Below is a comprehensive breakdown from several angles. Four Angles to Interpret Paul S. Atkins’ Speech 1) A Redefinition of Crypto’s Status Over the past decade, the SEC’s approach to crypto has wavered. More often than not, it has leaned toward classifying tokens as securities and has frequently relied on enforcement actions to clamp down on crypto firms. Giants like Coinbase and Ripple have long been locked in regulatory tug-of-war due to the SEC’s hardline stance. In this speech, however, Atkins made one core point crystal clear: Most crypto tokens are not securities. The SEC will draw clear boundaries and provide explicit standards, rather than rely on “enforcement by ambiguity.” Entrepreneurs must be able to raise capital on-chain without living under perpetual legal uncertainty. What does this mean? Compliance pathways for fundraising open up: Until now, many U.S. blockchain startups had to set up overseas entities or design convoluted structures to skirt U.S. rules. Once lines are clearly drawn, they can finance directly in the U.S. Market confidence strengthens: Investors fear policy risk most. When the SEC Chair publicly says “not all tokens are securities,” it’s essentially a market-wide reassurance. A shift from “enforcement first” to “rules first”: For the entire industry, this marks a transition from fear to order. Put simply, this shift could directly propel the U.S. to become the new global center of crypto innovation. 2) Project Crypto: Blockchain-Enabling the Securities Rulebook Throughout the speech, Atkins repeatedly referenced Project Crypto — an ambitious SEC-led initiative whose goals are to: Modernize the securities regulatory framework comprehensively; Build on-chain capital markets; Allow trading, lending, staking, and related services to operate under one unified framework. In other words, financial services that used to be strictly siloed could be integrated into a more efficient, unified system. In the crypto world, this model is often dubbed a “super app.” Example: Today in the U.S., to buy stocks you go through a broker, to borrow you go to a bank or lender, and if you want staking or yield products, there are virtually no compliant channels. In the future envisioned by the SEC, you might do everything on one platform — and entirely on-chain. This isn’t just a regulatory upgrade — it’s a digital revolution in the financial system. 3) AI + Blockchain: Toward Agency Finance Another highlight: Atkins paired AI and blockchain in the same breath and introduced the concept of “Agency Finance.” His vision: AI will become the executor of automated finance — conducting trading, risk management, and capital allocation at speeds far beyond human capacity. Blockchain provides a transparent, auditable foundation for settlement and compliance. Together, the market could evolve toward self-running financial agents with minimal human intervention. It may sound sci-fi, but the trend is already visible: Major Wall Street banks are using AI for quantitative strategies. In DeFi, smart contracts already shoulder part of the “automated oversight” function. When these two truly merge, we may see entirely new financial paradigms. For example, an AI agent could automatically allocate your portfolio — stocks, tokens, bonds, even NFTs — while every action is recorded on-chain in real time, both compliant and transparent. For everyday investors, this means Wall Street-grade strategies could finally become democratized. 4) A Dialogue with Europe: MiCA and Cross-Border Cooperation Atkins also called out the EU’s MiCA framework — arguably the most complete crypto regulatory regime in force globally — and noted its ongoing rollout in Europe. He said: The U.S. needs to learn from Europe, especially the clarity MiCA provides. International cooperation is essential; blockchain is inherently global and cannot be policed by one country alone. Implications: In the future, the U.S. and Europe may push cross-border compliant frameworks in tandem. If the two largest financial blocs converge on crypto regulation, other regions will be compelled to follow. This would push global digital assets into a new era of compliant internationalization. Why Did This Speech Cause Such a Stir? A fundamental shift in regulatory posture: The era of “enforcement first” gives way to an era of clear, knowable rules. The U.S. may reclaim the crypto innovation hub: In the last two years, Dubai, Singapore, and Hong Kong lured many crypto firms with friendly policy. If the SEC offers stable rules, the U.S. could draw capital and companies back. A digital restructuring of capital markets: Trading, lending, staking, and more operating under one platform and one framework will massively raise efficiency and reshape competition. A new AI + blockchain paradigm: Once AI marries on-chain finance, the capital markets of tomorrow may look nothing like today’s. Acceleration of global compliance trends: If the U.S. and Europe reach consensus, the global regulatory map for digital assets will be rewritten. Where Are the Opportunities — for Investors and Businesses? For Investors More compliant products: In the future, within a compliant framework, you may directly buy tokenized Apple, Microsoft, or even AI-driven portfolio funds. Lower risk: Less fear of “stepping on landmines” due to unpredictable SEC enforcement. For Startups Clearer funding channels: The ability to raise capital legally within the U.S. More room to innovate: Super apps, AI-powered financial services, and more may be explicitly permitted to explore. For Traditional Financial Institutions Enormous transformation pressure: Those who don’t keep pace with blockchain and AI risks may be overtaken by new platforms. Conclusion As Atkins quoted Victor Hugo: “People can resist the invasion of an army, but not the invasion of an idea.” Crypto was once rejected, suppressed, and marginalized. Now it is becoming part of the global financial system. This time, the United States is not choosing resistance — but leadership. From Project Crypto, to AI-driven agency finance, to regulatory cooperation with Europe, the signal from this speech is unambiguous: the crypto era has truly arrived.