Author: SuperEx
Compiled by: Blockchain in Plain Language
On June 9, 2025, the newly appointed SEC Chairman Paul S. Atkins delivered a milestone speech at the "DeFi and the American Spirit" roundtable conference in Washington. The speech quickly became a hot topic in the crypto industry, with insiders calling it the "most open and crypto-supportive official statement in the past five years".
Some even described the speech as: "A prelude to comprehensive DeFi regulation - and the purest expression of the American spirit." What kind of speech could trigger such a passionate response and create a wave of joy in the DeFi community and crypto practitioners?
1. DeFi Represents the American Spirit - Not a Threat to Institutions
Paul Atkins opened his speech with a stunning opening statement:
"The DNA of the DeFi movement contains economic freedom, property rights, and the spirit of innovation - the core values of our nation."
This opening immediately set the tone: DeFi is not a threat, but an extension of "American values". From a political rhetoric perspective, this is a nationalization of decentralized finance (DeFi), aimed at transforming public skepticism about emerging technologies into cultural identity.
This is both a positive endorsement of DeFi and marks a shift in regulatory stance - from primarily enforcement to primarily guidance. This shift aims to prevent talent and technology drain caused by excessive suppression.
2. Blockchain Redefines Ownership - SEC Must Rethink What Constitutes a Security
Atkins then made a key comment:
"Blockchain makes us rethink ownership, property rights, and transfer. It is a shared database without intermediaries."
He did not shy away from the revolutionary nature of blockchain, clearly pointing out the core issue: Current securities laws are built on intermediaries and centralized trust, while blockchain bypasses both, fundamentally challenging the basis of existing legal frameworks.
In short, the SEC Chairman acknowledged that in the on-chain world, traditional concepts like "issuer", "intermediary", and "responsible party" have become blurred. What's next? The SEC must decide whether to continue outdated rules or construct a new paradigm.
3. PoS Staking is Not a Security: SEC's Stance Clearly Softens
Atkins explicitly stated:
"Participating as a miner, validator, or staking service provider in a PoS network does not fall under the jurisdiction of federal securities laws."
This sentence became one of the most acclaimed "golden quotes" in the crypto community. Previously, former SEC Chairman Gary Gensler had repeatedly suggested that staking in PoS systems like Ethereum might constitute securities activities, leading to investigations and fines for platforms like Coinbase and Kraken.
Now, Atkins directly overturned this view, confirming that PoS participants should not be considered "securities issuers". This may clear regulatory obstacles for staking-related services in the United States.
However, he added a warning: "This has not yet become statutory law", meaning this stance is still in the exploration stage and requires further legislative support.
4. Self-Custody is a Constitutional Freedom - Should Not Disappear Just Because of On-Chain Activities
Atkins made another powerful assertion:
"The right to self-custody personal property is a fundamental American value and should not disappear simply because people are on the chain."
This is the most explicit policy support for wallet developers and on-chain application developers to date. Previously, the SEC had considered regulating wallet developers on the grounds that they might be engaged in "unregistered brokerage activities". Atkins completely reversed this narrative, stating: "Writing code is not equivalent to selling securities."
He even cited legal precedent: "You wouldn't sue the developers of a self-driving car just because someone uses it to rob a bank."
This statement may end the atmosphere of fear hanging over U.S. wallet and contract developers, encouraging more on-chain applications to move forward boldly.
5. Self-Executing Code Should Not Be Banned Just Because It's "Uncontrolled"
Atkins further commented:
"On-chain code supporting peer-to-peer transactions requires no intermediary and should not be restricted by century-old regulatory frameworks."
Traditional securities laws are based on the assumption of a "responsible party", with platforms required to designate legal representatives, operators, or compliance officers. But the blockchain world is different: Many DApps run on autonomous smart contracts. "Code is law" replaces the concept of "platform as responsible party".
Atkins' stance is very clear: Regulators should not deny legitimacy simply because technology lacks a "human face". This view may significantly reduce legal risks for projects like Uniswap and Tornado Cash, and establish a milestone signal for DAOs and contract platforms.
6. "Innovation Exemption" is Coming: On-Chain Services May Obtain Legal Pathways
In the final point, Atkins announced:
"I have instructed staff to explore creating an 'innovation exemption' - providing legal pathways for projects wishing to operate compliantly."
For a long time, the SEC has faced a core dilemma: How to fulfill the duties assigned by Congress without stifling innovation. The proposed "innovation exemption" is itself a policy innovation, similar to a regulatory sandbox, allowing qualifying projects to be regulated under limited time and specific conditions. This may be the path to legalization of DeFi products in the United States.
Notably, Atkins emphasized: "This applies not only to registered projects, but unregistered developers can also participate." This could become a "green card" for on-chain startups, DAOs, and developer communities.
Conclusion
Paul Atkins' speech conveyed six unprecedented signals:
- DeFi is no longer a "gray area" - it is an extension of American values;
- SEC is preparing to re-examine securities laws through an on-chain perspective;
- PoS staking may no longer be classified as a security;
- Wallet and smart contract developers are no longer presumed to be criminals;
- Self-executing smart contracts may operate legally;
- "Innovation exemption" may provide legal pathways for on-chain projects.
This is undoubtedly the most progressive and innovation-supportive official stance of the SEC since the Gary Gensler era. Of course, this is still at the "policy signal" stage, and formal legislation and rule-making will take time. But one thing is clear: U.S. regulators are shifting from hard suppression to guiding experimentation.
Combining this with former President Trump's vision of making the U.S. the "global crypto capital", Atkins' speech not only marks a change in regulatory tone but is also the beginning of a new regulatory paradigm in crypto finance.
Article link: https://www.hellobtc.com/kp/du/06/5891.html
Source: https://s.c1ns.cn/qpuWD
