In a keynote at the inaugural OECD Roundtable on Global Financial Markets, U.S. Securities & Exchange Commission Chairman Paul S. Atkins, speaking in a personal capacity, set out priorities to revisit the SEC’s approach to foreign private issuers and to shift digital asset oversight toward clearer rules, including through “Project Crypto” to modernize securities regulation for on-chain markets. On foreign issuers, Atkins highlighted the SEC’s concept release on foreign private issuer eligibility, which seeks feedback on whether companies listed in the United States should meet additional conditions, such as minimum foreign trading volume or listing on a major foreign exchange, to qualify for accommodations not available to U.S. issuers. He linked the review to changes in the foreign issuer population over the last two decades, including incorporation in jurisdictions that differ from where a company is headquartered and operates, and said the SEC will review comments received on the concept release, including input submitted after the 8 September 2025 deadline, in deciding whether to propose rule changes. He also warned that the SEC’s 2007 decision to accept International Financial Reporting Standards financial statements from foreign private issuers without reconciliation to U.S. GAAP relied in part on stable funding for the International Accounting Standards Board, and said insufficient stable funding could warrant a retrospective review of that decision. On digital assets, Atkins said the SEC will move away from policy being set through ad hoc enforcement and instead provide “clear, predictable” rules, with Project Crypto aiming to clarify when crypto assets are securities, enable on-chain capital raising, and support trading platform models that combine trading, lending, and staking under a single regulatory umbrella. The speech also signalled coordination with other U.S. agencies to allow platforms to offer trading in crypto assets, whether or not they are securities, alongside services such as staking and lending as Congress develops comprehensive digital asset legislation.
U.S. Securities & Exchange Commission 2025-09-10
U.S. Securities & Exchange Commission Chairman outlines Project Crypto and signals possible tightening of foreign private issuer accommodations
SEC Chairman Paul S. Atkins, at the OECD Roundtable, highlighted revisiting the SEC's approach to foreign private issuers and shifting digital asset oversight through "Project Crypto." The SEC is considering conditions for foreign issuers listed in the U.S. and reviewing International Financial Reporting Standards acceptance without U.S. GAAP reconciliation. For digital assets, the SEC aims to establish clear rules and coordinate with other agencies for comprehensive legislation.