The U.S. Securities and Exchange Commission (SEC) is presently reviewing potential policy changes it could implement to make the market more crypto-friendly. Amid the ongoing work, SEC Chairman Paul Atkins has explained his vision of a super-app — that mirrors what the European Union (EU) has achieved with its MiCA licencing regime.
The official X handle of the U.S. SEC, on August 25, posted a clip of Atkins elaborating on his super-app idea. He said, a key priority under his SEC chairmanship is to let market participants to innovate with super-apps.
“I’m often asked, What do you mean by a super app? Plain and simple, securities intermediaries should be able to offer a broad range of products and services under one roof with a single licence,” he said.
Essentially, Atkins is looking to establish a system wherein a licenced broker dealer is allowed to offer trading of non-security crypto assets alongside crypto asset securities, traditional securities and other services — without having to acquire over 50 state licences or multiple federal ones.
This type of a single and uniform national licencing regime can be referred to as “passporting” — a feature that makes for an integral part of EU’s crypto regulatory approach. This provision allows a company licenced in any one of the 27 EU member nations — to operate in the others without needing to secure additional licences in each country.
The rule could be a cost-cutting parameter for companies seeking licences while also simplifying the process of expanding their operations across a larger region with just one licence completion.
“I’ve directed the commission staff to develop further guidance and rule proposals, ultimately, to make this super app vision a reality,” Atkins added.
This is not the first time that Atkins has spoken about his super-app plans. Back in May this year, the SEC chairperson had spoken about this plan, claiming that the provision would non-security trading to enter a regulated environment at the federal level expeditiously.
Last month, the SEC initiated “Project Crypto” as a drive to modernize U.S.’ securities rules to be more accommodating of the crypto industry.