In a landmark speech on July 31, 2025, SEC Chairman Paul Atkins unveiled “Project Crypto,” a sweeping initiative aimed at modernizing the regulatory framework for digital assets in the United States. Among the most transformative ideas presented was the concept of multi-service “super apps”; platforms that would allow broker-dealers to offer a full suite of services under a single regulatory license. This vision marks a radical departure from the fragmented, siloed approach that has long defined U.S. financial regulation.
Super apps in the digital asset context, as envisioned by Atkins, are integrated platforms where broker-dealers could trade both securities and non-security crypto assets, offer staking, lending, and custody services all while operating under one regulatory roof, rather than navigating duplicative licensing regimes. This model reflects the convergence of traditional finance (TradFi) and decentralized finance (DeFi) and seeks to mirror the seamless user experiences seen in Asian fintech ecosystems like WeChat or Grab but tailored for U.S. capital markets.
The regulatory rational, Atkins argues, is the SEC’s legacy rules, many dating back to the pre-digital era, are ill-suited for blockchain-native markets. He emphasizes most tokens are not securities and the SEC must help the industry distinguish between the two. Atkins maintains that custody standards must evolve to respect the right of investors to self-custody, while still supporting intermediated models. Furthermore, he stipulates that licensing barriers are stifling innovation and competition, particularly for startups and fintech firms. By enabling super apps, the SEC aims to eliminate regulatory moats that deter market entry and innovation, especially for firms seeking to offer bundled services across asset classes.
From a securities law perspective, the super app model challenges several entrenched norms. First, Broker-dealer registration has traditionally been asset-specific and functionally siloed. A super app would require a unified licensing regime, a significant departure from current practice. Custody rules, especially under the Customer Protection Rule (Rule 15c3-3), would need to be reinterpreted or amended to accommodate digital wallets and smart contracts. And lastly, regulation ATS and Regulation
NMS Atkins offers, may need to be revised to allow for on-chain trading of tokenized securities, including equities and bonds.
Atkins has signaled that the SEC will use interpretive and exemptive relief in the short term, while formal rulemaking proceeds. This pragmatic approach allows innovation to flourish without waiting for full regulatory overhaul.
For broker-dealers and fintech firms, the super app framework opens up new strategic possibilities, like vertical integration of trading, custody, and yield-generating services; cross-asset interoperability, enabling users to move seamlessly between tokenized securities and crypto assets; and reduced compliance costs, thanks to streamlined licensing and fewer overlapping regulatory obligations. This could catalyze a wave of platform consolidation, with firms racing to build comprehensive digital finance ecosystems that rival traditional banks in scope and agility.
Atkins’ proposal is not merely regulatory reform, it’s a reimagining of market infrastructure. It recognizes that the future of finance is not just digital, but modular, programmable, and user-centric. The SEC’s willingness to embrace this shift, rather than resist it, signals a maturation in its approach to innovation.
However, the success of super apps will hinge on clear asset classification, to avoid jurisdictional turf wars between the SEC and CFTC; robust investor protections, especially around custody and lending and interoperability standards, to ensure that tokenized assets can move freely across platforms
Paul Atkins’ vision for super apps is bold, timely, and potentially transformative. If executed thoughtfully, it could usher in a new era of financial inclusion, efficiency, and innovation—one where broker-dealers are not just intermediaries, but architects of a truly digital financial future.
The challenge now lies in translating this vision into actionable rules without compromising the core principles of investor protection and market integrity. But for the first time in years, the SEC seems poised to lead rather than lag in the digital finance revolution.
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